By Our Correspondent <\/p>\n
The Senate Tuesday through its committee on Public Accounts , rejected written explanations forwarded to it by management of the Nigerian National Petroleum Company Limited ( NNPCL) on unaccounted N210trillion from 2017 to 2023.<\/p>\n
The Committee headed by Senator Aliyu Wadada Ahmed ( Nasarawa West) had on the strength of 19 different queries raised against NNPCL by Office of the Auditor – General of the Federation in the financial reports of 2017 to 2023 , directed NNPCL to account for N210trillion financial infraction as contained in the reports .<\/p>\n
Though the management of NNPCL in line with the directive, responded to the 19 queries through written explanations but failed to physically appear before the Committee on Tuesday ( November 11, 2025) as earlier suggested and agreed .<\/p>\n
Irked by the development , the committee through its Chairman at the session , slammed the Group Chief Executive Officer ( GCEO) of NNPCL, Engineer Bayo Ojulari for offensive evasiveness which according to him, will not make the committed recognise any representation from NNPCL again , <\/p>\n
He said : ” 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.\u201d<\/p>\n
\u201cThe 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.\u201d<\/p>\n
He revealed that NNPC\u2019s financial submissions raised serious red flags \u2014 particularly claims of \u20a6103 trillion in accrued expenses and \u20a6107 trillion in receivables, totaling \u20a6210 trillion between 2017 and 2023.<\/p>\n
\u201cNNPC claimed \u20a6103 trillion as accrued expenses and \u20a6107 trillion as receivables \u2014 amounting to \u20a6210 trillion. On question eight, NNPC\u2019s explanation on the \u20a6107 trillion receivables \u2014 equivalent to about $117 billion \u2014 contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this”, he said <\/p>\n
He further questioned how NNPC could pay \u20a6103 trillion in cash calls to joint venture partners in 2023 alone, despite generating only \u20a624 trillion in crude revenue between 2017 and 2022.<\/p>\n
> \u201cCash call arrangements were abolished in 2016 under the Buhari administration. How can NNPC claim to have paid \u20a6103 trillion in one year, when it only generated \u20a624 trillion in revenue over five years? Where did NNPC get that money?<\/p>\n
“As far as this committee is concerned, that figure is unjustifiable and unacceptable. The \u20a6103 trillion must be returned to the Treasury. This will be concluded when NNPC appears before us.\u201d<\/p>\n
He added that the committee also outrightly rejected the \u20a6107 Trillion receivables which stand for assets in accounting.<\/p>\n
\u201cNNPC claimed of \u20a6107 trillion as receivables \u2014 part of which they said was held in defunct banks. However, no bank or amount was named. <\/p>\n
“This lack of transparency is unacceptable. By the time you combine both figures \u2014 \u20a6103 trillion and \u20a6107 trillion \u2014 NNPC must account for \u20a6210 trillion.<\/p>\n
\u201cIf 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.<\/p>\n
“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”, he stressed .<\/p>\n
He warned that any future absence of NNPC\u2019s Group Chief Executive Officer (GCEO) before the committee would no longer be tolerated.<\/p>\n
> \u201cAt 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\u2019s physical presence.\u201d<\/p>\n
In their separate remarks , all members of the committee present at the session , supported the decisions announced by the Chairman .<\/p>\n","protected":false},"excerpt":{"rendered":"
By Our Correspondent The Senate Tuesday through its committee on Public Accounts , rejected written explanations forwarded to it by management of the Nigerian National Petroleum Company Limited ( NNPCL) on unaccounted N210trillion from 2017 to 2023. The Committee headed by Senator Aliyu Wadada Ahmed ( Nasarawa West) had on the strength of 19 different […]<\/p>\n","protected":false},"author":2,"featured_media":1228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[1422,5344,5342,1234,3511,5343],"class_list":["post-8629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-gas","tag-acceptable","tag-answers","tag-contained","tag-financial","tag-infraction","tag-provide"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/8629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=8629"}],"version-history":[{"count":1,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/8629\/revisions"}],"predecessor-version":[{"id":8630,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/8629\/revisions\/8630"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/1228"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=8629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=8629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=8629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}