The Senate has rejected the written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) over the alleged unaccounted N210 trillion spanning 2017 to 2023.
The decision was taken on Tuesday by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada (APC, Nasarawa West), after the NNPCL management failed to appear before the committee despite agreeing to do so.
The committee had earlier summoned the NNPCL to explain 19 audit queries raised against it by the Office of the Auditor-General of the Federation in its financial reports covering 2017 to 2023. However, while the company sent written responses to the queries, none of its officials appeared in person for the hearing.
Expressing displeasure, Senator Wadada described the NNPCL’s absence as “offensive evasiveness,” warning that the committee would no longer recognise any written representations from the company.
“Today, November 11, 2025, was a date chosen by NNPC. It is rather unfortunate that none of the officials is here on a date they themselves chose,” Wadada said. “The public has been waiting for this. Even though we cannot conclude today in their absence, the committee must share our findings based on the responses already submitted by NNPC.”
The committee chairman revealed that NNPCL’s submissions raised serious red flags, particularly its claims of N103 trillion in accrued expenses and N107 trillion in receivables, amounting to N210 trillion within the period under review.
“On question eight, NNPC’s explanation on the N107 trillion receivables, equivalent to about $117 billion, contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this,” he stated.
Wadada questioned how the company could have paid N103 trillion in cash calls to joint venture partners in 2023 alone when it reportedly generated only N24 trillion in crude oil revenue between 2017 and 2022.
“Cash call arrangements were abolished in 2016 under the Buhari administration. How can NNPC claim to have paid N103 trillion in one year when it only generated N24 trillion over five years? Where did NNPC get that money?” he queried. “As far as this committee is concerned, that figure is unjustifiable and unacceptable. The N103 trillion must be returned to the treasury.”
He further described the N107 trillion claimed as receivables as “unsubstantiated,” noting that NNPCL failed to identify the banks allegedly holding the funds.
“This lack of transparency is unacceptable. By the time you combine both figures — N103 trillion and N107 trillion — NNPC must account for N210 trillion,” Wadada added.
He warned that any further absence by NNPCL’s Group Chief Executive Officer, Engineer Bayo Ojulari, before the committee would not be tolerated.
“At any point this committee invites NNPC, the chief executive must appear in person. Being out of the country will no longer be accepted as an excuse,” he declared.
All committee members present supported the chairman’s stance, insisting that NNPCL must provide a full, transparent explanation or risk further legislative action, including the subpoena of former NNPC and NAPIMS officials.
