NNPC N210tn Controversy: Senate Committee Cautioned
- Senator Wadada struggled to clarify ₦210 trillion discrepancies in NNPCL financial records amid public scepticism
- Critics label the Senate's inquiry as political theatre, questioning credibility over the lack of solid evidence
- Nigerian Oil Professionals Vanguard advocates for a financial expert review before drawing conclusions on NNPCL's accounting
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Nigerian Oil Professionals Vanguard Group has said that Senator Aliyu Wadada, Chairman of the Senate Committee on Public Accounts, conceded that pinpointing the alleged ₦210 trillion discrepancies in NNPCL's financial records is proving to be a tough task. In a statement sent to Legit.ng, the group narrated:
"Senator Wadada's clarification on Channels TV aimed to shift the narrative, stating the committee sought "accountability" for substantiated figures, rather than accusing NNPCL of theft. Critics, however, slammed the move as "political theatre" and "sensationalism", questioning the committee's credibility. It's puzzling why they would make such claims without solid evidence, potentially undermining their reputation.
Source: Facebook
Senator Wadada speaks on NNPC controversies
"On Seun Akinbaloye's show, Wadada stood firm, insisting the committee's queries are backed by the Auditor-General's report and NNPCL's audited financial statements. He demanded the company address discrepancies, like unexplained legal fees and rebranding costs, with a "reconciled response".
"Wadada's argument crumbled on simple math: Nigeria's federal budgets from 2018-2020 totalled roughly N28.5 trillion, making the claimed N210 trillion discrepancy look like multiple years of national budgets combined. Critics say this fuels public outrage rather than providing genuine oversight. Some speculate the probe's timing is politically motivated, given Wadada's chairmanship hangs by a thread if he switches parties.
"Wadada could not quite put his finger on it, repeatedly falling back on the company's financial statements and the committee's need for answers. He kept saying the numbers came straight from NNPCL's books, and they just wanted some clarification.
"During the exchange, the presenter questioned whether the funds were truly "missing" or if the figures represented accounting classifications like receivables, liabilities, or multi-year financial entries. This line of questioning aimed to clarify if the reported figures were discrepancies or standard, albeit complex, financial notations.
"Again, Senator Ahmed Wadada’s presentation of the ₦210 trillion figure revealed several contradictions and logical inconsistencies between his rhetoric and the technical reality of the audit.
"While the Senate Committee initially framed the ₦210 trillion as "missing" or "unaccounted for," Wadada pivoted during the Channels TV interview to a more cautious stance. He admitted the committee had not yet formally reviewed NNPCL's detailed responses and explicitly denied accusing the company of theft, stating they were merely seeking "clarification" on entries.
"A major contradiction surfaced regarding NNPCL's cash calls. Wadada questioned how the company could claim ₦103 trillion in accrued expenses for a single year (2023) when its total reported revenue over the preceding five years was only ₦24 trillion. This highlighted a massive disconnect between the committee's interpretation of "accrued expenses" and NNPCL's historical cash flow."
Group speaks on NNPC saga
Reacting to the development, Chairman of the Nigerian Oil Professionals Vanguard Group, Bassey Chinedu, defended the former NNPCL leadership and urged caution in interpreting the figures.
According to him, the entries being referenced by lawmakers could represent complex accounting figures typical of the oil and gas industry rather than evidence of missing funds.
“Those who understand oil and gas accounting know that large figures such as joint venture obligations, receivables, and cost recoveries can appear enormous in consolidated financial statements. It does not automatically translate to missing money,” Chinedu said.
He also commended reforms introduced under Kyari’s leadership, noting that the company began publishing audited financial statements consistently during that period.
“Under Mele Kyari, NNPCL published audited financial statements consistently for the first time in decades. That alone shows a commitment to transparency. It would be unfair to suggest wrongdoing without a proper technical review,” he added.
Chinedu urged the Senate committee to engage independent financial and petroleum accounting experts to properly analyse the figures before concluding.
Source: UGC
Source: Legit.ng
