N210trn probe: Senate rejects NNPCL’s explanation, insists firm must refund money to govt

By: Abudu Olalekan

They didn’t show up.

No call. No text. No “sorry, stuck in traffic.” Just… silence.

And that? That sealed it.

The Senate wasn’t playing anymore.

N210 trillion — yes, trillion — gone. Unexplained. Tucked into line items like “accrued expenses” and “receivables.” Like that’s normal. Like anyone’s buying it.

NNPCL thought they could slide. Submit some paperwork. Dodge the GCEO. Hope the senators get distracted by budget debates or constituency dramas.

Nope.

Tuesday’s session? Empty chair where Bayo Ojulari should’ve been sweating under fluorescent lights. Senators? Fuming. Not yelling. Worse. Quietly furious. The kind of anger that ends careers.

Senator Aliyu Wadada, chair of Public Accounts, didn’t mince words. “Rejected.” Full stop. Said their answers weren’t just bad — they were contradictory. Like trying to explain fire with ice.

Let’s break it down, shall we?

N103 trillion — paid as “Cash Calls” to JV partners. In 2023. Alone.

But hold up — between 2017 and 2022? Total crude revenue? N24 trillion.

Math ain’t mathing.

And Cash Calls? Abolished in 2016. Under Buhari. Everyone knew. Or pretended not to.

So where’d N103 trillion come from? Magic? Hidden oil wells? Secret donors?

Senate says: Doesn’t matter. Pay it back.

Then there’s the other chunk — N107 trillion. “Receivables.” Sounds fancy. Means “we’re owed this.” Except… who owes them? They won’t say. Mentioned “defunct banks.” Which ones? How much? Crickets.

Combine both? You get N210 trillion. That’s not a typo. That’s Nigeria’s entire annual budget… times five. Maybe six. Who’s counting?

Oh, and here’s the kicker — illegal subsidies.

Yes. On crude oil. Since when is that even legal? Never. Exactly.

NAPIMS — which, by law, is supposed to be under NNPCL — acting like its own country. Charging subsidies on kerosene, diesel, fuel. Slipping it into financial statements like it’s routine. Page 41.8. Page 38.9. Note 8.1. All documented. All wrong.

Senator Jarigbe Agom? Dropped truth bombs. Said some folks think NNPCL owns Nigeria. Not works for it. Owns it.

Called Ojulari out — said he’s too eager to cover past messes. Sounded like he’s protecting a system, not fixing it.

“Fraud,” he called it. Not mismanagement. Not oversight. Fraud.

And the numbers? Bigger than what President Tinubu’s begging IMF for. Wild.

Wadada laid down the law: Next time? Ojulari shows up. In person. “Out of the country” ain’t an excuse no more. Subpoenas coming for ex-officials if needed. NAPIMS can’t keep pretending it’s independent. It’s not. Never was.

This ain’t about accounting anymore. It’s about respect. For institutions. For taxpayers. For the idea that no one — not even the oil giant feeding the national kitty — is above scrutiny.

The Senate? Done being polite.

They want the money back. All of it.

Not next year. Not after “further review.” Now.

And if NNPCL thinks this’ll blow over? Think again.

This committee? They’ve got receipts. And rage. And time.

Public Accounts doesn’t forget. Doesn’t forgive. And definitely doesn’t let trillion-naira ghosts vanish into footnotes.

Ojulari better bring more than apologies next time. Bring documents. Bring explanations that don’t contradict themselves. Bring lawyers, if he must.

But most of all? Bring himself.

Because Nigeria’s watching.

And so are the auditors. And the activists. And the WhatsApp uncles who screenshot every headline.

This isn’t corporate drama. This is national theft dressed in spreadsheets.

Senate says: Enough.

Refund the money.

Or else.