Group Cautions Senate Committee Over Claims of ₦210trn Discrepancies in NNPCL Records

A civil society group in the oil and gas sector has cautioned Senator Aliyu Wadada, Chairman of the Senate Committee on Public Accounts, against drawing conclusions over alleged discrepancies in the financial records of the Nigerian National Petroleum Company Limited (NNPCL).

The Chairman of the Nigerian Oil Professionals Vanguard Group, Bassey Chinedu, said figures currently being referenced by lawmakers may simply reflect complex accounting entries common in the oil and gas industry rather than evidence of missing funds.

In a statement issued by, Chinedu explained that items such as joint venture obligations, receivables and cost recovery arrangements can appear very large in consolidated financial statements.

“Those who understand oil and gas accounting know that large figures such as joint venture obligations, receivables and cost recoveries can appear enormous in financial statements. That does not automatically mean money is missing,” he said.

Chinedu also pointed to reforms introduced during the tenure of former NNPCL Group Chief Executive Officer, Mele Kyari, noting that the company began publishing audited financial statements regularly for the first time in decades.

“Under Kyari’s leadership, NNPCL consistently published audited financial statements. That step alone showed a commitment to transparency. It would be unfair to suggest wrongdoing without a proper technical review,” he added.

The comments followed public debate over claims by the Senate Public Accounts Committee that there were discrepancies of about ₦210 trillion in NNPCL’s financial records.

However, Senator Wadada later clarified during a television interview that the committee had not accused the company of theft but was seeking clarification on figures contained in reports from the Auditor-General of the Federation and NNPCL’s audited accounts.

According to him, the committee only wants the company to provide reconciled explanations for certain entries, including legal expenses and rebranding costs.

During the interview, Wadada admitted that identifying the exact nature of the alleged discrepancies had proven difficult. He insisted the figures were taken directly from NNPCL’s published financial statements and that the committee’s responsibility was to demand explanations.

Observers, however, questioned the interpretation of the figures. Some analysts argued that amounts described as discrepancies could represent accounting classifications such as receivables, liabilities or multi-year financial obligations rather than actual missing funds.

The debate also intensified after critics compared the ₦210 trillion figure with Nigeria’s federal budgets between 2018 and 2020, which totalled about ₦28.5 trillion. They argued that presenting such a large number without detailed technical explanation could mislead the public.

Another point of contention was the committee’s query over NNPCL’s reported ₦103 trillion in accrued expenses for 2023, which Wadada said appeared inconsistent with the company’s reported revenue of about ₦24 trillion over the previous five years.

But industry professionals insist that without a detailed breakdown of petroleum accounting entries, such comparisons may not present the full picture.

Chinedu therefore urged the Senate committee to consult independent financial and petroleum accounting experts before reaching any conclusions.

He said a thorough technical review would help clarify the figures and prevent misunderstandings about the company’s financial records.