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Fresh concerns have emerged over the financial management of the Nigerian National Petroleum Company Limited (NNPCL) as the Senate Committee on Public Accounts revealed that over ₦200 trillion in funds remain unaccounted for in the company’s audited financial statements.
TJ News Nigeria reports that the revelations came during a Senate investigative hearing in Abuja, where lawmakers described the financial discrepancies as “mind-boggling” and “deeply troubling.”
Senate Committee Uncovers Financial Gaps
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The Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, disclosed that the ₦200 trillion discrepancy was uncovered during a review of NNPCL’s audited financial statements covering 2017 to 2023.
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According to Senator Wadada, multiple audit queries were raised after extensive analysis of NNPCL’s financial reports, highlighting significant gaps in the documentation of revenue and expenditures.
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Breakdown of Senate Findings:
- Over ₦200 trillion in unreconciled transactions
- Discrepancies linked to refinery rehabilitation funds and NNPCL key project spending
- Suspected diversion of funds and unaudited payments to contractors
NNPCL Given Ultimatum
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The Senate handed 11 specific queries to the NNPCL finance team and directed the management to provide clear, written explanations within one week.
“This is a matter of national urgency,” Senator Wadada said. “The magnitude of this financial opacity cannot be ignored. Nigerians deserve accountability.”
Context: Link to EFCC Investigations
This revelation comes amid a broader investigation by the Economic and Financial Crimes Commission (EFCC), which recently arrested several former NNPCL top officials over an alleged $7.2 billion refinery fraud.
Among those in EFCC custody are:
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- Umar Isa, former Chief Financial Officer of NNPCL
- Jimoh Olasunkanmi, former MD of Warri Refinery
- Tunde Bakare, current MD of Warri Refinery
- Ahmed Dikko and Ibrahim Onoja, former MDs of Port Harcourt Refinery
RELATED: EFCC Arrests Ex-NNPCL Top Officials Over Alleged $7.2 Billion Refinery Fraud
Presidential Restructuring of NNPCL
In April 2025, President Bola Ahmed Tinubu dissolved the entire NNPCL Board, citing the need for “transparency, efficiency, and investor confidence.” The restructuring followed growing public discontent over NNPCL’s financial practices.
The new NNPCL board, led by Chairman Ahmadu Kida and Group CEO Bashir Ojulari, now faces increased scrutiny as lawmakers intensify oversight on Nigeria’s critical petroleum revenue streams.
Conclusion
The Senate’s discovery of ₦200 trillion in unaccounted funds adds to the mounting pressure on NNPCL to provide clarity on its financial operations. Nigerians continue to demand accountability, especially given the country’s ongoing economic challenges and reliance on petroleum revenue.
TJ News Nigeria will provide continuous coverage of the Senate investigation and NNPCL’s responses as more details unfold.
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