NNPCL Responds to 19 Senate Inquiries Regarding N210 Billion Unaccounted Funds
NNPCL Responds to 19 Senate Inquiries Regarding N210 Billion Unaccounted Funds
The Nigerian National Petroleum Company Limited (NNPCL) has officially addressed 19 questions from the Senate concerning unaccounted funds totaling N210 trillion in its audited accounts for the years 2017 to 2023.
The disclosures were made on Tuesday by Senator Aliyu Wadada, Chairman of the Senate Committee on Public Accounts.
Speaking with journalists in Abuja, Wadada explained that the responses from NNPCL had yet to undergo detailed scrutiny by the committee. He recalled that on 29 July 2025, the committee had directed the Chief Executive Officer of NNPCL, Engineer Bayo Ojulari, to provide answers within three weeks to the 19 queries.
“While we were on recess, management of NNPCL wrote to the committee, requesting an extension of time to enable them compile data and respond comprehensively to the questions we raised — and we granted that request. They have since responded, and we now have answers to all 19 questions we sent to them,” Wadada said.
The senator emphasised that the committee had not yet presented the responses to members, and therefore no public statement on the substance of the answers would be issued until the report is formally laid before the committee.
“But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter,” he added.
Wadada further noted that additional concerns have arisen beyond the audited statements, particularly regarding production sharing contracts. He said the committee is seeking clarity on the allocation of production costs, including the proportion accruing to NNPCL, international oil companies, and the federal government under the agreements.
He also highlighted a reported loss declared by NNPCL Retail, stating that the development requires further investigation.
“We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us,” Wadada said.
The senator concluded by assuring that the public and media would be informed of the findings once the committee reviews the submissions.
“As far as the audited financial statements are concerned — which cover the period between 2017 and 2023 — NNPC has submitted its responses to the 19 questions we asked.
Out of those answers, the ones that make sense and those that do not will be evident to the public,” he s
