…Transparency Int’l demands probe
Public outrage has erupted over the alleged disappearance of ₦210 trillion from NNPCL’s 2017–2023 audited financials, revealed during a Senate hearing. The Senate Committee on Public Accounts issued a one-week ultimatum for NNPCL to explain.
Recall that on Wednesday last week, at a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada, the Nigerian public was exposed to the missing ₦210 trillion on NNPCL’s audited statement. Wadada did not mince words when he and his committee issued a one-week ultimatum to NNPCL to account for the missing ₦210 billion.
The Committee, chaired by Wadada, vowed last week to pursue the matter to the full extent of its oversight powers.
As a justification, the Chief Financial Officer of the state-owned oil firm, Adedapo Segun, reportedly said the missing $210 trillion are cash calls requested by joint venture (JV) partners and settlement to the JVs.
However, concerns have been raised that the investigation of the ₦210 trillion missing funds would vanish into thin air like other probes in the past.
Recall that in June last year, the Socio-Economic Rights and Accountability Project (SERAP) filed a suit over ₦500 billion unremitted to the Federation Account between October 2024 and December 2024. Other missing funds in the last five years have also not seen the light of day.
Reacting, Transparency International (TI) Nigeria’s Country Director, Auwal Rafsanjani demanded for punishment for those involved in the disappearance of the ₦210 missing funds from NNPCL. According to him, the 10th Senate and the Federal Government had in the past shown lukewarm interest in prosecuting those involved in the huge missing funds in NNPCL.
Rafsanjani blamed President Bola Ahmed Tinubu and other presidents who have seized positions as substantive minister of petroleum, which has made the institution unaccountable and a conduit pipe for corruption since 1999. He alleged that Tinubu, former President Muhammadu Buhari, and Obasanjo have used NNPCL as their cash cow.
“This is something that has been going on in NNPCL without any repercussions. No serious deterrence has been taken on the several missing funds and unremitted funds in NNPCL.This has been happening since 1999. NNPCL has become a major cash cow, or like an ATM, for so many government officials without accounting for it. This huge amount of money reflects the rot in NNPCL without direct impact on Nigerians”.
Rafsanjani and industry expert, Ameh Madaki expressed fears the probe could be swept under the rug like past cases, blaming persistent lack of transparency and presidential control of the oil sector.
