The Nigerian Senate has directed the Nigerian National Petroleum Company Limited (NNPCL) to refund ₦210 trillion in unaccounted funds to the Federation Account, after rejecting the company’s explanations for discrepancies in its financial records.

The decision came after NNPCL Group Chief Executive Officer, Bayo Ojulari, failed to appear before the Senate Committee on Public Accounts on Tuesday, despite being invited to respond to 19 audit queries raised against the company’s books.

Senate Questions Missing ₦210 Trillion

The Senate Committee, chaired by Senator Aliyu Wadada, has been investigating NNPCL’s financial operations between 2017 and 2023.

Findings from the probe revealed ₦103 trillion listed as accrued expenses and ₦107 trillion as receivables in the company’s audited financial statements — figures the Senate described as “contradictory and unjustifiable.”

Senator Wadada said the committee’s analysis exposed serious transparency and accountability issues in the management of public funds.

“NNPC claimed ₦103 trillion as accrued expenses and ₦107 trillion as receivables — amounting to ₦210 trillion. On question eight, NNPC’s explanation on the ₦107 trillion receivables, equivalent to about $117 billion, contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this,” Wadada stated.

Committee Challenges NNPCL’s Financial Claims

Wadada also questioned the credibility of NNPCL’s claims that it paid ₦103 trillion in cash calls to Joint Venture (JV) partners in 2023, despite generating only ₦24 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 ₦103 trillion in one year when it only generated ₦24 trillion in revenue over five years? Where did NNPC get that money?” he queried.

Senate Threatens to Summon Former Officials

Describing the explanations as “unsatisfactory and inconsistent,” Senator Wadada warned that the committee would not hesitate to summon former NNPCL and National Petroleum Investment Management Services (NAPIMS) officials if the current management fails to provide credible answers.

“If the present management of NNPCL is finding it difficult to provide acceptable answers, it is better they say so. The committee will not hesitate to subpoena former officials of NNPCL and NAPIMS,” he added.

The Senate vowed to ensure full recovery of the ₦210 trillion and uphold accountability in Nigeria’s petroleum sector.