₦210 Trillion Query: Senate Faults NNPCL Leadership, Insists on Accountability
By Raphael Ekpang
The Senate Committee on Public Accounts has expressed deep concern over the persistent failure of the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) to honour its invitations regarding an ongoing investigation into financial discrepancies totaling ₦210 trillion.
The Committee Chairman, Senator Aliyu Wadada, described the repeated absence of the GCEO as unacceptable and frowned at the practice of delegating attendance to subordinates. He emphasized that official communication of such importance should be personally signed by the Chief Executive and submitted in a timely manner, rather than on the day of the scheduled appearance.
While reiterating that no direct accusation of embezzlement has been made, the Committee stressed that the inability of NNPCL to provide satisfactory explanations for the figures under review raises serious accountability concerns. It noted that the burden lies on the organisation to clarify all outstanding issues.
Senators including Adams Oshiomhole and Osita Ngwu, among other committee members, maintained that the Committee would not compromise its established rules, which require the personal appearance of chief executives in matters of this magnitude.
They warned that continued non-compliance may compel the Senate to invoke its constitutional powers to enforce attendance.
Providing further clarity, Chairman Wadada stated that the investigation is based on discrepancies identified in NNPCL’s audited financial statements from 2017 to 2022.
These include: ₦103 trillion recorded as accrued expenses (liabilities), linked to retention, legal, and audit fees, which remain insufficiently explained.
₦107 trillion recorded as receivables (assets), reportedly owed largely by unnamed defunct banks, without adequate disclosure or supporting documentation.
The Committee noted that these unresolved figures collectively amount to ₦210 trillion, forming the core of the ongoing inquiry. Additionally, it raised concerns over ₦5.8 billion reportedly spent on the transition from NNPC to NNPCL.
Wadada reaffirmed the Committee’s commitment to transparency and accountability, stating that it requires clear, verifiable explanations from both current and former management of NNPCL to conclude its investigation and present a comprehensive report to the Senate.
Consequently, the Committee has extended the deadline for the GCEO to appear before it to May 13, 2026, urging all concerned parties to cooperate fully in the interest of Nigerians. It emphasized that public institutions must remain accountable to the people.
