Senate Orders NNPC to Refund ₦210tn, Launches Forensic Audit Over Ghost Accounts

By Patrick Isaac

The Senate Public Accounts Committee, chaired by Senator Ahmed Wadada Aliyu, has queried ₦210 trillion in questionable NNPC accounts from 2017-2023, ordering immediate refunds and a full forensic audit.

Briefing journalists in Abuja, Wadada flagged huge inconsistencies in the Nigerian National Petroleum Company Limited’s (NNPC) audited statements, especially accrued expenses and sundry receivables, during the probe launched in May 2025.

The committee spotlighted ₦103 trillion listed as accrued expenses in 2022, with NNPC providing no breakdowns or documents. “Explanations were inconsistent and unsatisfactory,” Wadada said.

Initially blamed on retention, legal, and audit fees, NNPC later shifted to cash calls owed to JV partners despite that regime ending in 2016.

Equally baffling: ₦107 trillion in sundry receivables, with NNPC unable to name debtors some tied to defunct banks.

Wadada noted further red flags in NNPC and subsidiary NAPIMS records, including ₦3.8 trillion duplicated subsidy costs, ₦5 trillion unlinked production charges, and ₦5.9 billion double-counted incorporation fees.

“These raise serious accountability concerns,” he declared.

The panel rejected the entries outright, directing NNPC to refund the full ₦210 trillion plus unjustified production costs against crude revenues. It will summon ex-NNPC GCEO Mele Kyari, Umar Ajia, Bala Wunti, and external auditors for explanations. A forensic audit of 2017-2023 statements follows, per Section 85 of the Constitution.

Wadada stressed the probe upholds Senate oversight for public fund accountability, aligning with President Tinubu’s Renewed Hope agenda on fiscal responsibility.

“Our mandate: ensure every kobo due Nigerians is accounted for,” he affirmed.