Senate Finds No Evidence of Missing ₦210tn in NNPC Accounts, Says Financial Records Were Misinterpreted

The Senate Committee on Public Accounts says it has found no evidence to support claims that ₦210 trillion is missing from the accounts of the Nigerian National Petroleum Company (NNPC) Limited, describing the figure as the result of a misinterpretation of the company’s audited financial statements.

The clarification emerged during the committee’s ongoing review of NNPC’s 2023 audited accounts, where former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti, appeared before lawmakers to explain the disputed figures.

Wunti told the committee that the alleged ₦210 trillion missing funds resulted from the incorrect aggregation of two separate accounting entries. According to him, about ₦107 trillion represented receivables owed to NNPC by other entities, while approximately ₦103 trillion reflected liabilities owed by the company.

He explained that both figures are distinct accounting items that must be reported separately in line with international financial reporting standards and should not be interpreted as missing funds.

The former NAPIMS boss also dismissed reports that NNPC spent ₦5.8 billion to complete its incorporation following the implementation of the Petroleum Industry Act (PIA).

According to him, the actual statutory payments made to government agencies amounted to about ₦2.45 billion, while the higher figure resulted from duplicate accounting entries used for financial reporting purposes rather than additional expenditure.

Wunti further stated that during his tenure at NAPIMS and later as Chief Offshore Investment Officer of NNPC Upstream Investment Management Services, there were no reported cases of fraud or missing funds linked to the transactions under review.

Chairman of the Senate Committee on Public Accounts, Senator Ibrahim Dankwambo, said the committee’s findings so far do not indicate that any money is missing from NNPC’s accounts.

He explained that the committee’s investigation is aimed at ensuring transparency, accountability and a proper understanding of the company’s audited financial statements rather than validating allegations of financial misconduct.

Dankwambo said the committee would continue reviewing submissions and supporting documents before determining whether further clarification is required.

The Senate’s ongoing examination of NNPC’s financial records forms part of its oversight responsibility to ensure transparency in the management of Nigeria’s oil and gas resources, a sector that remains central to the country’s economy and public finances.