Senate Orders NNPCL to Refund ₦210 Trillion Unaccounted Funds Meta Description:

The Nigerian Senate has rejected the Nigerian National Petroleum Company Limited’s explanations regarding ₦210 trillion in unaccounted funds, ordering the immediate refund of the money to the Federation Account. According to legislative proceedings, the Senate Committee on Public Accounts declared the NNPCL’s responses “unsatisfactory and contradictory” after the company’s CEO failed to appear for questioning. Rooted in the Storm.

Key Points:

Senate ordered NNPCL to refund ₦210 trillion to the Federation Account.
The amount comprises ₦103 trillion in expenses and ₦107 trillion in receivables.
NNPCL CEO Bayo Ojulari failed to appear before the committee.
Committee chairman Aliyu Wadada called the explanations contradictory.
Senators questioned how NNPCL paid ₦103 trillion in cash calls in one year.
The funds cover NNPCL operations between 2017 and 2023.
The committee threatened to subpoena former NNPCL officials if needed.

This massive financial discrepancy highlights systemic accountability gaps in Nigeria’s oil sector governance and raises serious questions about fiscal management in the country’s most important revenue-generating institution.

Sources: Channels Television