By Dr. Nafisat Makinde
The Senate Committee on Public Accounts (PAC) has demanded urgent answers from the Nigerian National Petroleum Company Limited (NNPCL) over a staggering ₦210 trillion in unaccounted funds spanning 2017–2023. The committee described the figures as “mind-boggling and contradictory”, raising serious questions about transparency in Nigeria’s oil sector.
The ₦210 trillion comprises roughly ₦103 trillion in expenditures and ₦107 trillion in receivables. Senator Aliyu Wadada, PAC chairman, highlighted that NNPCL claimed to have paid ₦103 trillion to joint venture partners in 2023 alone — a figure far exceeding the company’s ₦24 trillion revenue between 2017 and 2022.
The committee also questioned NNPCL’s claim that ₦107 trillion in receivables was trapped in defunct banks, noting that the company failed to provide bank names or supporting evidence. “How can these figures be acceptable without proper documentation?” Senator Wadada asked.
NNPCL’s Chief Financial Officer, Adedapo Segun, attempted to explain the discrepancy, attributing it to pending joint-venture reconciliations. However, the committee rejected this response as insufficient and unverifiable, citing contradictions in the audited reports and repeated failure of management to appear in person for hearings.
Further concerns were raised over illegal subsidy deductions by NAPIMS, NNPCL’s subsidiary, which reportedly charged subsidies on crude oil while NNPCL also deducted subsidies on refined petroleum products. The committee called this practice “unlawful and unacceptable” and insisted that NAPIMS must comply fully with statutory financial rules.
The Senate committee warned that future hearings will no longer accept proxy attendance; the NNPCL Group Chief Executive Officer (GCEO) must appear personally, or face subpoenas. PAC reaffirmed its commitment to accountability and transparency, insisting that Nigeria’s oil sector cannot afford continued financial opacity as investigations into the ₦210 trillion discrepancy deepen.
