The Senate has rejected written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) regarding ₦210 trillion in unaccounted funds between 2017 and 2023.
The decision was made on Tuesday by Senator Aliyu Wadada (APC, Nasarawa West), who chairs the Senate Committee on Public Accounts. The committee had asked NNPCL to address 19 queries raised by the Office of the Auditor-General of the Federation over the six-year period.
While NNPCL submitted written responses, officials failed to appear before the committee on the scheduled date, prompting criticism from Wadada. “Today, November 11, 2025, was a date chosen by NNPC. It is unfortunate that none of the officials is here. The public deserves answers,” he said.
The committee raised concerns over NNPCL’s claims of ₦103 trillion in accrued expenses and ₦107 trillion in receivables. Wadada questioned how the company could claim to have paid ₦103 trillion in cash calls in 2023 alone, despite generating only ₦24 trillion in crude revenue from 2017 to 2022.
He further dismissed NNPCL’s reported ₦107 trillion receivables, noting a lack of transparency about their location, including claims that some funds were held in defunct banks without proper documentation.
The committee warned that any future absence by the NNPCL Group Chief Executive Officer (GCEO) would not be tolerated, insisting on the GCEO’s mandatory physical appearance for subsequent hearings. Wadada added that the committee may subpoena former NNPCL and NAPIMS officials if satisfactory explanations are not provided.
“All figures — ₦103 trillion in expenses and ₦107 trillion in receivables — remain unjustified and must be accounted for,” he said.
Committee members unanimously endorsed Wadada’s position.
