NNPCL Responds To Senate On N210 Trillion Unaccounted Funds
The Nigerian National Petroleum Company Limited (NNPCL) has formally replied to 19 queries from the Senate concerning N210 trillion in unaccounted funds in its audited accounts from 2017 to 2023.
Senator Aliyu Wadada, Chairman of the Senate Committee on Public Accounts, disclosed the development on Tuesday in Abuja, noting that the responses are yet to undergo detailed scrutiny by the committee.
Wadada recalled that on 29 July 2025, the committee had directed NNPCL’s Chief Executive Officer, Engineer Bayo Ojulari, to respond within three weeks.
The company later requested an extension to compile data and respond comprehensively, which the committee granted.
“NNPCL has since submitted answers to all 19 questions,” Wadada said, adding that the responses have not yet been presented to committee members, and no public statement on their substance will be made until the report is formally reviewed. “But let me assure you, we will do justice to the matter,” he added.
The senator noted that concerns have emerged beyond the audited statements, particularly regarding production sharing contracts.
The committee is seeking clarification on the allocation of production costs, including the shares accruing to NNPCL, international oil companies, and the federal government.
He also highlighted a reported loss by NNPCL Retail, which the committee plans to investigate further.
“We find it difficult to understand why NNPCL Retail would record a loss, and we will seek clarification when the corporation appears before us,” Wadada said.
The senator assured that the public and media will be updated once the committee reviews the submissions.
“From the audited financial statements covering 2017 to 2023, NNPCL has submitted its responses. Those that make sense and those that do not will soon be evident to the public,” he concluded.
Sodiq Yusuf is a trained media practitioner and journalist with considerable years of experience in print, broadcast, and digital journalism. His interests cover a wide range of causes in politics, governance, sports, community development, and good governance.
