NNPCL Rejects Missing Funds Allegation, Defends Financial Records Amid Senate Scrutiny

NNPCL Rejects Missing Funds Allegation, Defends Financial Records Amid Senate Scrutiny

The Nigerian National Petroleum Company Limited (NNPCL) has dismissed allegations suggesting that over ₦210 trillion is missing from its accounts, insisting that its financial records remain transparent, verifiable, and fully accounted for.
The company was reacting to concerns raised by former Edo State Governor and Senator representing Edo North, Adams Oshiomhole, regarding figures contained in NNPCL’s audited financial statements currently under review by the Senate Public Accounts Committee.
According to NNPCL, the figures generating public debate do not represent missing funds but are accounting entries relating to receivables, liabilities, and other financial transactions captured in its audited reports. The company emphasized that such entries require proper financial interpretation and should not be misconstrued as evidence of misappropriation.
NNPCL stated that it remains committed to transparency and accountability and is cooperating fully with relevant government institutions to provide clarifications on all issues arising from the audit review process.
The controversy followed questions raised during legislative oversight proceedings concerning financial records spanning several years. Lawmakers have requested detailed explanations from both current and former officials of the national oil company regarding specific accounting figures contained in the reports.
Responding to the concerns, NNPCL maintained that the narrative surrounding “missing funds” is inaccurate and misleading. The company stressed that its accounts have undergone statutory audits and remain subject to regulatory oversight and public accountability mechanisms.
NNPCL further assured stakeholders that all financial transactions and reporting procedures are being conducted in line with established corporate governance standards and applicable regulations.
Industry analysts believe the ongoing review provides an opportunity to strengthen public confidence in the management of Nigeria’s petroleum resources through greater transparency and improved communication between public institutions and oversight agencies.
As engagements with lawmakers continue, NNPCL has reaffirmed its readiness to provide all necessary documentation and explanations, while maintaining that no funds have been declared missing from its accounts.