Abuja, Nigeria — November 12, 2025 l By Dalena Reporters
In a dramatic escalation of Nigeria’s fiscal oversight battle, the Senate of the Federal Republic of Nigeria has formally rejected the explanations offered by the NNPCL for a staggering ₦210 trillion disparity in its audited accounts between 2017 and 2023 — and ordered the company to refund the sum to the Federation Account.
The controversy centres around two major components flagged in the company’s audited financial statements:
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₦103 trillion listed as “accrued expenses”
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₦107 trillion listed as “receivables” or assets
Together, these figures total the ₦210 trillion the Senate says remains unaccounted for.
During a session of the Senate Committee on Public Accounts (CPA), chaired by Senator Aliyu Wadada (Nasarawa West), NNPCL was faulted for failing to justify how it could have claimed to pay ₦103 trillion in cash calls in 2023 when its reported crude-oil revenue between 2017 and 2022 was around ₦24 trillion.
Further concerns were raised about the integrity of the ₦107 trillion receivables: the figure purportedly includes amounts kept in “defunct banks” but lacks any detailed disclosure of bank names or actual recoverable amounts.
At the session of November 11, 2025, the Senate committee expressed clear frustration with NNPCL’s management — particularly for failing to physically appear before the committee despite agreeing to do so. The committee declared that only the Group Chief Executive Officer (GCEO) would be permitted to represent the company going forward; proxies would no longer be accepted.
Senator Wadada stated:
“Today … was a date chosen by the NNPC. It is rather unfortunate that none of the officials of NNPC is here on a date they themselves chose.
Given the gravity of the findings, the Senate ordered that the ₦210 trillion be returned to the Federation Account, subject to verification and further reconciliation.
This development comes at a sensitive time for Nigeria’s oil industry. Under the Petroleum Industry Act 2021 and in the run-up to possible commercialisation or public listing of NNPCL, investor confidence and transparency are under intense scrutiny.
Governance analysts warn that if such large figures remain unresolved, the credibility of the Nigerian state and its revenue-generating institutions could suffer severe reputational damage. As one expert noted:
“The unaccounted funds are not just financial figures — they represent trust, governance, and Nigeria’s ability to manage its resources for development.”
Moreover, the Senate’s move sends a strong message to state-owned enterprises and the broader public sector: accountability is no longer optional.
NNPCL has responded in writing to the 19 audit queries submitted by the committee — but the written responses have not been deemed satisfactory, nor has the management appeared in person. The Senate has warned of subpoenas for former officials of both NNPCL and its subsidiary entity, National Petroleum Investment Management Services (NAPIMS), if further cooperation is not forthcoming.
In the coming weeks the Committee is expected to lay its full findings before the Senate, and may demand additional documentation, forensic audits and potentially referrals to anti-corruption agencies should serious wrongdoing be uncovered.
The Senate’s firm stance against NNPCL’s management represents one of the most visible tests yet of Nigeria’s renewed push for fiscal transparency and resource governance. Whether the ₦210 trillion discrepancy is resolved, repaid, litigated or ignored will be a key measure of whether the country is serious about reform — or still grappling with legacy systems of opacity and impunity.
For ordinary Nigerians — whose taxes and oil revenues fund national programmes — the outcome matters deeply. As Senator Wadada insists, this is “not just about the oil company… but about the trust between the state and its citizens.
Dalena Reporters — Where facts meet transparency and justice.