Senate Orders NNPCL to Refund ₦210 Trillion in Unaccounted Funds to Federation Account |Omohglobalnews

 By Ọmọsọla Olumide 

The Nigerian Senate has directed the Nigerian National Petroleum Company Limited (NNPCL) to refund ₦210 trillion in unaccounted funds to the Federation Account, following the company’s failure to provide satisfactory explanations regarding the missing amount.

During a session on November 11, 2025, the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, expressed strong disapproval over NNPCL’s failure to appear before it, despite having agreed to the date. The committee was reviewing audit reports from the Office of the Auditor-General of the Federation, which revealed ₦210 trillion in discrepancies — ₦103 trillion in liabilities and ₦107 trillion in receivables.

Wadada described the NNPCL’s absence as “offensive evasiveness,” noting that the public deserved transparency on the matter. He stated that the committee would proceed with the available documents, emphasizing that the company’s explanations raised serious concerns.

According to the senator, NNPCL’s claims that it incurred ₦103 trillion in expenses and was owed ₦107 trillion in receivables — equivalent to about $117 billion — were inconsistent with the company’s own records.

“NNPCL claimed to have paid ₦103 trillion in cash calls in 2023 alone, even though cash call arrangements were abolished in 2016. The company also reported only ₦24 trillion in crude oil revenue between 2017 and 2022. Where did the ₦103 trillion come from?” Wadada queried.

He further rejected NNPCL’s explanation regarding the ₦107 trillion in receivables, allegedly held in defunct banks, noting that no bank names or details were provided. “This lack of transparency is unacceptable,” he said.

The committee announced plans to summon former officials of NNPCL and the National Petroleum Investment Management Services (NAPIMS) if required, adding that NAPIMS is not legally permitted to maintain an independent account.

Wadada concluded by warning that future invitations to NNPCL would require the physical appearance of the Group Chief Executive Officer, Bayo Ojulari. “From now on, being out of the country will no longer be accepted as an excuse,” he stated.