NNPCL Under Fire Over Missing ₦210 Trillion in Audited Accounts

The Nigerian National Petroleum Company Limited (NNPCL) is once again facing intense public scrutiny following revelations of an alleged ₦210 trillion discrepancy in its audited financial statements spanning 2017 to 2023.

The issue came to light during a session last Wednesday of the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada. Lawmakers were stunned to find the massive sum unaccounted for in NNPCL’s financial records, prompting the committee to issue a one-week ultimatum for the state-owned oil giant to provide a comprehensive explanation.

NNPCL’s Chief Financial Officer, Adedapo Segun, reportedly claimed the missing funds represent cash calls and settlements to joint venture (JV) partners. However, critics remain skeptical, pointing to a longstanding pattern of unaddressed financial irregularities within the organization.

Concerns are mounting that, like previous investigations into financial mismanagement, this case may quietly fade without resolution. Transparency advocates have noted that previous probes—such as the June 2024 lawsuit by the Socio-Economic Rights and Accountability Project (SERAP) over ₦500 billion unremitted funds—have failed to yield concrete results.

Transparency International: A Pattern of Presidential Neglect

Auwal Rafsanjani, Country Director of Transparency International Nigeria, condemned the federal government and past administrations for fostering a culture of impunity within the NNPCL. He accused successive Nigerian presidents—including Bola Tinubu, Muhammadu Buhari, and Olusegun Obasanjo—of exploiting the NNPCL for personal and political gain.

“Since 1999, the NNPCL has become a financial ATM for top government officials,” Rafsanjani stated in an interview with Nigeria News 247. “The company operates with little transparency, and presidents appointing themselves as petroleum ministers has made accountability nearly impossible.”

He criticized the lack of serious sanctions against those implicated in past financial scandals and called for a thorough investigation and prosecution of anyone found responsible for the missing ₦210 trillion.

Experts Predict No Consequences

Energy analyst and legal practitioner Barrister Ameh Madaki echoed the skepticism, predicting that the scandal would likely go unresolved like many before it. Madaki, managing partner at BBH Consulting and convener of the Public Interest Advocacy Network (PIAN), lamented the lack of political will to enforce transparency in Nigeria’s oil and gas sector.

“The opacity in the operations of NNPCL and the government’s failure to follow through on financial misconduct has eroded public trust,” Madaki said. “Each new scandal simply replaces the last, with no real accountability or deterrence.”

He concluded that the current uproar over the missing funds may soon be overtaken by another controversy, leaving Nigerians without answers.