Aliyu Wadada, the chairman of the Senate Committee on Public Accounts, has acknowledged that identifying the alleged ₦210 trillion discrepancies in the financial records of the Nigerian National Petroleum Company Limited (NNPCL) is proving to be a complex and difficult task, even as lawmakers insist their inquiry is focused on accountability rather than accusations of theft.
Speaking during an interview on Politics Today on Channels Television, Wadada said the committee’s investigation was based on figures contained in the reports of the Office of the Auditor-General for the Federation and NNPCL’s audited financial statements. According to him, the Senate panel is demanding explanations for what it considers discrepancies in the records and expects the national oil company to submit a reconciled response addressing the entries.
“We are not accusing anybody of stealing money,” Wadada said during the interview. “What we are asking for is accountability and clarification of figures that appear in the company’s financial statements.”
The senator’s remarks come amid mounting criticism over earlier claims that ₦210 trillion was “missing” or “unaccounted for” in NNPCL’s books — a figure that has sparked widespread debate about the credibility of the committee’s probe.
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Critics argue that the amount cited by the committee appears unrealistic when compared with Nigeria’s national finances. Nigeria’s combined federal budgets between 2018 and 2020 totaled roughly ₦28.5 trillion, raising questions about how discrepancies amounting to ₦210 trillion — several times that figure — could appear in the company’s records.
During the television interview with anchor Seun Okinbaloye, Wadada repeatedly maintained that the figures referenced by the committee were drawn directly from NNPCL’s financial statements and the auditor-general’s report. However, he admitted that the committee had not yet completed a full review of the company’s responses to its queries.
The discussion also highlighted questions about whether the figures being debated represent actual missing funds or complex accounting entries common in large corporations. The presenter noted that such numbers could reflect financial classifications such as receivables, liabilities, or multi-year accruals rather than cash that has disappeared.
Wadada also raised concerns about certain items in the records, including unexplained legal fees and expenses linked to the company’s rebranding. He further questioned how the oil company could report ₦103 trillion in accrued expenses for 2023 when its total revenue over the previous five years was reported to be about ₦24 trillion.
Observers say this discrepancy reflects a possible misunderstanding between lawmakers and technical accounting interpretations, particularly in the oil and gas sector where consolidated statements can include large non-cash obligations and joint venture liabilities.
Reacting to the controversy, Bassey Chinedu, chairman of the Nigerian Oil Professionals Vanguard Group, urged caution in interpreting the figures cited by lawmakers.
According to Chinedu, large financial entries are common in petroleum industry accounts and often represent obligations tied to joint ventures, cost recoveries, or long-term operational liabilities.
“Those who understand oil and gas accounting know that large figures such as joint venture obligations, receivables, and cost recoveries can appear enormous in consolidated financial statements. It does not automatically translate to missing money,” he said.
Chinedu also defended reforms introduced during the tenure of former NNPCL Group Chief Executive Officer Mele Kyari, noting that the company began publishing audited financial statements consistently during that period.
“Under Kyari, NNPCL published audited financial statements consistently for the first time in decades. That alone shows a commitment to transparency,” he added.
He urged the Senate committee to consult independent financial and petroleum accounting experts to properly analyse the disputed figures before drawing conclusions.
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The Senate committee has yet to announce the next phase of its investigation, but analysts say the outcome of the probe could significantly shape public perception of financial transparency within Nigeria’s state-owned oil company.
