N210 Trillion Audit: Senate Gives NNPCL April 29 Deadline to Explain Unaccounted Funds

The Nigerian Senate has issued a firm deadline to the Nigerian National Petroleum Company Limited (NNPCL), ordering its management to appear before the Senate Committee on Public Accounts by April 29, 2026, to explain N210 trillion flagged in audit reports covering 2017 to 2023.

The committee specifically directed the Group Chief Executive Officer (GCEO) of NNPCL, Engineer Bayo Ojulari, alongside former GCEO Mele Kyari, former Chief Financial Officer Umar Ajia, Dr Bala Wunti, and external auditors, to appear in person without exception. The lawmakers say the issue involves unresolved financial records that require full clarification.

The decision followed a motion by Senator Osita Izunaso and was seconded by Senator Adams Oshiomhole. The committee chairman, Senator Aliyu Wadada, stressed that the explanations provided by NNPCL so far were not satisfactory, particularly regarding the breakdown of the alleged N210 trillion.

According to Wadada, the agency’s justification—N103 trillion classified as liabilities and another N107 trillion linked to joint venture cash calls and disputed obligations—was considered too vague. He insisted that Nigerians deserve a transparent breakdown, including specific details of legal, retention, and audit fees, as well as clarification on unnamed defunct banks mentioned in the report.

The Senate also warned that it may invoke its constitutional powers to compel compliance, following concerns raised by Senator Abdul Ningi about repeated failures by some officials to honour legislative invitations. Lawmakers emphasized that accountability is essential to strengthening democratic oversight and ensuring public funds are properly accounted for.

source: Leadership