Lawmakers decided on Wednesday that the Nigerian National Petroleum Company Limited must return ₦210 trillion in unexplained funds to the Federation Account.
The Senate dismissed responses from the company about the large sum owed.
The Public Accounts Committee, led by Senator Aliyu Wadada, reached the choice on Tuesday. The probe lasted months. The Group Chief Executive Officer, Bayo Ojulari, skipped the meeting at the National Assembly without notice.
The gathering aimed to let the company clarify replies to 19 queries on the ₦210 trillion.
A check of company activities from 2017 to 2023 revealed ₦103 trillion in accrued expenses and ₦107 trillion in receivables within audited reports. These figures sparked the questions.
The company answered the queries after repeated exchanges.
During the follow-up, Wadada criticized the leader’s absence and turned down the details.
Committee Chairman Wadada described the answers as poor and conflicting.
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“The company listed ₦103 trillion as accrued expenses and ₦107 trillion as receivables, totaling ₦210 trillion. For query eight, the note on ₦107 trillion receivables, worth about $117 billion, clashes with company data. The panel must dismiss this,” he explained.
Wadada wondered about payments of ₦103 trillion for Cash Calls to joint venture partners in 2023. The firm earned only ₦24 trillion from crude sales between 2017 and 2022.
“Cash Call systems ended in 2016 under the Buhari government. How did the company pay ₦103 trillion in one year with just ₦24 trillion over five years? Where did the funds come from?
“This panel views the amount as invalid. The ₦103 trillion belongs in the Treasury. The matter closes when the company appears,” he said.
The panel preferred honest admission from current leaders about explanation troubles over mixed replies.
“If leaders struggle with clear answers, they should state it. The panel can call past company and NAPIMS officials,” Wadada noted.
