By Swill Mauva
This kind of earthquaking misappropriation of public funds news can only break in Nigeria, and the citizenry will ever remain docile, as if nothing has happened. It can only be in Nigeria, nowhere else in the world. No outrage, no protest, and all is well as usual. Sympathisers of those involved in the scandal will be quick to argue; it’s all just an allegation. But the Nigerian Senate has reasons to cry wolves.
The Nigerian Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to account for approximately ₦200 trillion in unaccounted funds, following discrepancies identified in the company’s financial records from 2017 to 2023. This probe is led by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada.
That’s a whooping N200trillion not billion unaccounted for by the national corporate under the leadership of Maikanti Baru 2016-19 and Mele Kyari 2019-25, while Muhammadu Buhari held sway as president of Nigeria. Can someone tell me what the national budget of 2025 is? Yes, 54.99Trillion! The amount in question is almost four times more than the national budget. Why do Nigerians feel indifferent to this probe by the Senate committee on public accounts?
The NNPCL is accused of having ₦200-210 trillion in unaccounted funds, with ₦103 trillion in accrued expenses and ₦103 trillion in receivables lacking proper documentation. The first ₦103 trillion in accrued expenses, including ₦600 billion in retention fees, legal, and auditing costs, were flagged for lacking supporting documentation; while the ₦103 trillion listed under receivables was questioned due to inadequate documentation as well.
The Senate flagged significant financial irregularities in NNPCL’s audited reports, sparking concerns over transparency and accountability. Just as well, the unaccounted funds are seen as a threat to Nigeria’s economic stability, prompting the Senate to demand immediate clarification.
Rather than response to the discrepancies, NNPCL failed to appear before the Senate Committee on Public Accounts, citing an ongoing management retreat and requesting a two-month extension to prepare necessary documents.
The Senate committee issued a 10-day ultimatum, directing NNPCL’s top executives to appear before the committee by July 10, 2025, or face constitutional sanctions.
The probe highlights long-held public concerns over NNPCL’s transparency and accountability in managing public resources.
NNPCL’s failure to comply may lead to constitutional sanctions, potentially impacting the company’s operations.
The outcome of the probe may affect public trust in NNPCL and the government’s ability to manage public resources effectively
Were our democracy to be truly accountable to the people, if NNPCL fails to provide a detailed breakdown and reconciliation of the missing trillions, summons and arrests ought to follow. But this is Nigeria. Therefore, calls for public hearings should intensify; and the outcome could reshape Nigeria’s oil sector oversight for years to come.
On the flip side, some Nigerians are demanding full transparency and even criminal prosecution if corruption is confirmed. Nigerians eagerly await the outcome of this probe, and hope that Senator Aliyu Wadada and his Senate Committee on Public Account will get to the root of the N200 trillion unaccounted funds.
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