… Audit Exposes Suspicious ₦103trn Cash Call, ₦107trn Receivables Entries
… Fake Entries, Missing Revenues Spanning 2017–2023 Exposed
Daud Olatunji
The Senate has ordered the Nigerian National Petroleum Company Limited (NNPCL) to refund a staggering ₦210 trillion to the Federation Account after uncovering what it described as suspicious, inconsistent, and unjustifiable entries in the company’s financial records spanning 2017 to 2023.
The directive followed the consideration of a damning report by the Senate Committee on Public Accounts chaired by Senator Aliyu Wadada, which investigated NNPCL’s audited statements and found discrepancies amounting to ₦210 trillion — ₦103 trillion in alleged “Cash Call” payments and ₦107 trillion in questionable receivables.
The committee said the audit revealed fake accounting entries, unverified claims, and missing revenues over the seven-year period, leading to the issuance of 19 separate audit queries to the oil giant.
At its resumed sitting on Tuesday, the committee rejected NNPCL’s written submissions after its Group Chief Executive Officer, Mr. Bayo Ojulari, failed to appear before the lawmakers to defend the company’s position.
Senator Wadada, expressing strong disapproval of NNPCL’s explanations, said the figures presented were “mathematically and economically impossible,” and described the company’s defence as “a calculated attempt to mislead the Senate and the Nigerian people.”
“How can NNPCL claim to have paid ₦103 trillion in Cash Calls in one year when its total revenue between 2017 and 2022 was ₦24 trillion?” Wadada queried.
“Cash Call arrangements were abolished as far back as 2016 under the Buhari administration. So, where did such funds come from? The figure is unjustifiable, and the ₦103 trillion must be returned to the Treasury.”
The committee also faulted NNPCL’s claim that ₦107 trillion was tied up as receivables — equivalent to about $117 billion — insisting that the figures contradicted the company’s own accounting evidence.
“NNPCL’s explanation on the ₦107 trillion receivables is inconsistent with the facts before us,” Wadada said. “The Senate will not accept conflicting submissions on such huge sums belonging to the Nigerian people.”
The lawmaker further warned that the committee would not hesitate to subpoena former officials of NNPCL and the National Petroleum Investment Management Services (NAPIMS) if the current management fails to provide credible explanations.
“If the current NNPCL leadership cannot explain what happened, they should admit it rather than confuse the committee with contradictory statements,” he added.
The revelation marks one of the largest financial discrepancies ever uncovered in Nigeria’s oil and gas sector, raising fresh questions about the transparency of NNPCL’s operations since its transition from a government corporation to a limited liability company.
Lawmakers are expected to reconvene with NNPCL’s top management in the coming days before finalizing their report on the ₦210 trillion scandal — a report that could trigger wider investigations and possibly criminal proceedings.
The Senate Committee’s findings come amid growing public scrutiny of Nigeria’s oil revenue management, with analysts warning that such massive irregularities could undermine the nation’s fiscal stability if not promptly addressed.
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