The Senate, through its Committee on Public Accounts, has rejected the explanation of the Nigerian National Petroleum Company Limited, NNPCL, on the unaccounted N210 trillion in its books, accusing the company of providing contradictory, incomplete and unjustifiable explanations.
Chairman of the committee, Aliyu Wadada, said after reviewing NNPCL’s submissions that the company’s response raised more questions than answers.
According to him, NNPCL claimed it paid N107 trillion as cash calls to joint-venture partners in 2023, a figure he described as impossible and inconsistent with available evidence.
The committee noted that NNPCL’s total revenue between 2017 and 2022 was only N24 trillion, yet the company now claims to have paid N103 trillion to JV partners within a single year in 2023.
Wadada emphasised that cash call payments were abolished in 2016, making NNPCL’s submission even more questionable.
The committee insists that the N103 trillion must be refunded to the Treasury, pending NNPCL’s formal appearance before the lawmakers.
Wadada also faulted NNPCL’s treatment of N107 trillion receivables, which the company claimed were tied up in defunct banks.
According to him, NNPCL’s own audited financial statements fail to mention any bank or specific amount. He added that without details, the N107 trillion claim is untenable.
The committee said the figures, when combined, justify its position that NNPCL must fully account for N210 trillion.
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The committee further revealed what it described as monumental illegality in the manner subsidies were recorded.
Wadada said NAPIMS charged subsidy on crude oil, an action not backed by any law between 2017 and 2021, while NNPCL separately charged subsidy on refined products such as kerosene and diesel.
Documented evidence, he said, appears in multiple notes within both NAPIMS and NNPCL audited financial statements.
The committee says this practice is unacceptable, illegal,fraudulent, and cannot be swept under the carpet
Wadada warned that if NNPCL’s current management continues to avoid providing clear answers, the committee will not hesitate to subpoena former officials.
He noted that NAPIMS, which is legally a department of NNPCL, has been operating as an independent entity, contrary to the law.
Wadada issued a direct directive to the NNPCL Group Chief Executive insisting that henceforth, all appearances before the committee must be led by him personally. He warned that being outside the country would no longer be accepted as an excuse.
He cited constitutional powers that empower the committee to compel attendance including ordering the GCEO’s arrest if necessary.
He reaffirmed the committee’s commitment to supporting the government’s revenue drive and ensuring that all funds due are recovered and transparently managed.
(Editor: Terverr Tyav)
