…threatens to subpoena former GMDs
The Senate, on Tuesday, through its Committee on Public Accounts, rejected the written explanations submitted by the management of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged unaccounted ₦210 trillion spanning 2017 to 2023.
The Committee, chaired by Aliyu Wadada (Nasarawa West), acted on 19 separate audit queries raised by the Office of the Auditor-General of the Federation (OAuGF) in its financial reports for the period. It had earlier directed NNPCL to account for the staggering ₦210 trillion in financial discrepancies.
Although the NNPCL management responded in writing to the 19 audit queries, it failed to appear physically before the committee on Tuesday, November 11, 2025, as previously scheduled and agreed.
Irked by the no-show, Wadada described the NNPCL management’s conduct as “offensive evasiveness,” warning that the committee would no longer recognize any form of written representation from the company.
“Today, November 11, 2025, was a date chosen by NNPC. It is rather unfortunate that none of the officials of NNPC is here on a date they themselves chose,” Wadada said.
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“The public has been waiting for this. It is important that we keep Nigerians informed. Even though we cannot conclude today in the absence of NNPC officials, the committee must share our findings based on the responses already submitted by NNPC.”
The lawmaker disclosed that the company’s financial submissions raised major red flags, particularly claims of ₦103 trillion in accrued expenses and ₦107 trillion in receivables, totaling ₦210 trillion within the six-year period.
“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,” he said.
Wadada also questioned the credibility of NNPCL’s claim that it paid ₦103 trillion in cash calls to joint venture partners in 2023 alone, 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?
“As far as this committee is concerned, that figure is unjustifiable and unacceptable. The ₦103 trillion must be returned to the Treasury. This will be concluded when NNPC appears before us.”
He further stated that the committee rejected NNPC’s explanation of ₦107 trillion receivables, which it said represented assets held in defunct banks without naming any of the institutions.
“NNPC claimed ₦107 trillion as receivables, part of which they said was held in defunct banks. However, no bank or amount was named. This lack of transparency is unacceptable. By the time you combine both figures, ₦103 trillion and ₦107 trillion, NNPC must account for ₦210 trillion.”
Wadada warned that if the current management could not provide satisfactory answers, the committee would summon former NNPC and NAPIMS officials to testify.
“If the present management of NNPC is finding it difficult to provide acceptable answers, it is better they say so. The committee will not hesitate to subpoena former officials of NNPC and NAPIMS.
NAPIMS, by law, is a department under NNPCL and cannot maintain an independent account. Yet, NAPIMS has been operating as if it were a separate entity.”
The senator also cautioned that future absences by NNPCL’s Group Chief Executive Officer (GCEO) would no longer be tolerated.
“At any point this committee invites NNPC, the Chief Executive must appear in person. Being out of the country will no longer be accepted as an excuse. The next invitation will require the GCEO’s physical presence.”
All members of the committee present at the session unanimously endorsed the chairman’s position.
