ABUJA — The Senate has rejected the Nigerian National Petroleum Company Limited’s (NNPCL) written explanations over the alleged unaccounted ₦210 trillion in financial discrepancies covering the period 2017 to 2023.

The rejection followed NNPCL’s failure to appear before the Senate Committee on Public Accounts on Tuesday, despite being invited to clarify 19 audit queries raised against it by the Office of the Auditor-General of the Federation.

Committee Chairman, Senator Aliyu Wadada (APC–Nasarawa West), expressed displeasure over the absence of NNPCL’s management, describing it as “offensive evasiveness.”

“Today, November 11, 2025, was a date chosen by NNPCL. It is rather unfortunate that none of its officials is here,” Wadada said. “The public has been waiting for this. Although we cannot conclude in their absence, the committee must share our findings based on the responses already submitted.”

Wadada disclosed that the NNPCL’s financial submissions raised serious red flags, particularly claims of ₦103 trillion in accrued expenses and ₦107 trillion in receivables, totalling ₦210 trillion within six years.

“NNPCL’s explanation on the ₦107 trillion receivables—equivalent to about $117 billion—contradicts available evidence provided by the company itself. The committee is duty-bound to reject this,” he stated.

The senator also questioned the company’s claim of paying ₦103 trillion in cash calls to joint venture partners in 2023 alone, despite generating only ₦24 trillion in crude oil revenue between 2017 and 2022.

“Cash call arrangements were abolished in 2016 under the Buhari administration. How can NNPCL claim to have paid ₦103 trillion in one year, when it only generated ₦24 trillion in revenue over five years? That figure is unjustifiable and unacceptable. The ₦103 trillion must be returned to the treasury,” Wadada said.

He further faulted the company’s claim that ₦107 trillion in receivables was held in defunct banks, without specifying any institutions or amounts.

“This lack of transparency is unacceptable. By combining both figures—₦103 trillion and ₦107 trillion—NNPCL must account for ₦210 trillion,” he added.

Wadada warned that any future absence of the Group Chief Executive Officer, Engineer Bayo Ojulari, would not be tolerated, insisting that the next appearance before the committee must be in person.

All committee members present supported the chairman’s stance and resolved to summon both current and former NNPCL and National Petroleum Investment Management Services (NAPIMS) officials if necessary.