The Nigerian National Petroleum Company Limited (NNPCL) is once again at the centre of a financial firestorm as the Senate investigates a staggering N210 trillion reportedly missing from its 2017–2023 audited financial statements.
At a recent session of the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, lawmakers expressed outrage over the discrepancy and issued a one-week ultimatum to the state-owned oil company to provide a full explanation.
The revelation, which came to light during the committee’s scrutiny of NNPCL’s financial records last Wednesday, has triggered widespread concern over recurring financial opacity within the nation’s oil sector.
NNPCL’s Chief Financial Officer, Adedapo Segun, in response, attributed the missing sum to cash calls and payments made to Joint Venture (JV) partners. However, this explanation has not quelled public and institutional anxiety.
Transparency International Nigeria, through its Country Director, Auwal Rafsanjani, called for accountability and prosecution of those behind the alleged disappearance. Rafsanjani criticized successive Nigerian presidents, including President Bola Tinubu, Muhammadu Buhari, and Olusegun Obasanjo, for appointing themselves as petroleum ministers, a move he claims has allowed NNPCL to become an unaccountable financial stronghold.
“NNPCL has become a cash cow for top officials since 1999,” Rafsanjani said. “There’s been no serious deterrence despite multiple reports of missing and unremitted funds. This reflects systemic failure and entrenched corruption.”
He further lamented the lack of action on past investigations, including a suit filed by the Socio-Economic Rights and Accountability Project (SERAP) in 2024 over N500 billion allegedly unremitted to the Federation Account.
Echoing these sentiments, energy expert and managing partner of BBH Consulting, Barrister Ameh Madaki, expressed skepticism about the investigation’s outcome.
“The Nigerian oil sector has long been shrouded in secrecy,” Madaki stated. “Each scandal fades away, making it difficult to expect meaningful accountability. The system thrives on opacity.”
As pressure mounts, the Senate committee has vowed to pursue the investigation to its logical conclusion. Yet, many Nigerians remain doubtful, citing a pattern of unresolved financial scandals within the NNPCL.
The unfolding probe is seen by many as a critical test of Nigeria’s commitment to transparency and institutional accountability in one of its most vital sectors.
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