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Senate Committee Rejects NNPCL’s Explanation of ₦210 Trillion Financial Discrepancy
Senate Committee Rejects NNPCL’s Explanation of ₦210 Trillion Financial Discrepancy
The Senate Committee on Public Accounts has expressed dissatisfaction with explanations provided by the leadership of the Nigerian National Petroleum Company Limited (NNPCL) over an alleged ₦210 trillion discrepancy in the company’s audited financial statements. The committee said the responses from Group CEO Bayo Ojulari and his team were inadequate and unsatisfactory.
Chairman of the committee, Senator Aliyu Wadada, revealed the concerns during an interview on Channels Television’s Sunday Politics. He noted that the discrepancies were identified during the review of NNPCL’s audited accounts from 2017 to 2023, with lawmakers flagging financial entries that lacked sufficient supporting documentation.
Among the disputed entries, ₦103 trillion was recorded as accrued expenses under liabilities, allegedly linked to Joint Venture cash calls, while ₦107 trillion appeared as sundry receivables, reportedly owed by banks and other entities but difficult to verify due to limited transparency. The committee described these figures as “mind‑boggling” and stressed that they were not adequately justified.
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The committee has also summoned former top executives, including immediate past Group CEO Mele Kyari, to provide further explanations. Senator Wadada said that standard accounting practice requires all assets and liabilities to pass through profit and loss accounts before being recognised, a step the committee found insufficiently documented in NNPCL’s accounts.
Responding to earlier queries, NNPCL officials said the alleged discrepancies stemmed from accounting adjustments, timing differences, and technical classifications, promising to reconcile the figures and provide further documentation. The committee has given the company a strict timeline to submit reconciled records and prepare for a public hearing after the Eid holiday.
Lawmakers also questioned ₦5.9 billion spent on NNPCL’s rebranding, as well as costs related to subsidies and production. Senator Wadada emphasised that the investigation is focused on accountability and transparency, and is not politically motivated, although the committee may question any relevant government official, including the Minister of Petroleum Resources, if necessary.
Meanwhile, the federal government recently introduced Executive Order No. 9 of 2026, signed by President Bola Tinubu, to reform aspects of the fiscal framework of the Petroleum Industry Act 2021, including directing that revenues from Production Sharing Contracts go directly into the Federation Account and suspending certain deductions previously retained by NNPCL.
The probe continues to attract widespread public interest, highlighting concerns over financial governance and transparency in Nigeria’s oil and gas sector.
Senate Committee Rejects NNPCL’s Explanation of ₦210 Trillion Financial Discrepancy
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Kidnappers Invade Lagos Home, Abduct Woman, Demand ₦60m Ransom
Kidnappers Invade Lagos Home, Abduct Woman, Demand ₦60m Ransom
A suspected kidnapping incident in Lagos has sparked fresh concerns over safety in residential communities after a woman, identified as Mrs. Olanike Ogundare, was abducted from her home in the early hours of Tuesday.
The victim was reportedly taken around 1:00 a.m. at her residence located at No. 1 Olufemi Ogundare Street in the Oke Agaye area of Ijedodo. Residents said the attackers carried out the operation in a coordinated manner, overpowering the compound’s security guard at gunpoint before whisking her away to an unknown destination.
Eyewitnesses described the incident as swift and well-planned, noting that the gunmen appeared to have prior knowledge of the environment, raising suspicions about possible surveillance before the attack.
Security agencies, including the Nigeria Police Force and the Department of State Services (DSS), have been alerted and are said to be working on intelligence to track down the perpetrators and secure the victim’s release.
Community security structures have also been activated, with local leaders and groups, including the Oodua People’s Congress, joining efforts to support rescue operations and enhance vigilance across the area.
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Sources familiar with the development disclosed that the kidnappers have contacted the victim’s family at least twice, demanding a ₦60 million ransom. Negotiations are said to be ongoing, although authorities have urged caution in handling such demands.
The incident has heightened anxiety among residents, particularly as it occurred within a secured residential compound, raising questions about the effectiveness of existing security measures in parts of Lagos.
Security analysts say the attack reflects a worrying trend of urban kidnapping, where criminal groups are increasingly targeting homes in major cities, rather than operating only along highways or in rural areas.
Stakeholders have called for urgent intervention from security authorities, urging the Inspector-General of Police, Olatunji Disu, to deploy intelligence-driven strategies and strengthen surveillance to prevent further incidents.
Meanwhile, the Lagos State Police Command is expected to provide further updates as investigations continue, with assurances that efforts are ongoing to rescue the victim and apprehend those responsible.
Kidnappers Invade Lagos Home, Abduct Woman, Demand ₦60m Ransom
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VIDEO: Adelabu Storms Ibadan, Draws Massive Crowd from Airport to Residence
VIDEO: Adelabu Storms Ibadan, Draws Massive Crowd from Airport to Residence
A massive crowd gathered across major parts of Ibadan as former minister Bayo Adelabu arrived in the city, receiving an overwhelming welcome from supporters in what many described as a strong show of political influence.
From the airport through key roads leading to his residence, thousands of residents, party loyalists, and admirers lined the streets in a massive استقبال (welcome) that brought movement in some areas to a near standstill. The atmosphere was filled with excitement as chants, cheers, and coordinated displays of support сопровождали his convoy.
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Eyewitnesses said the turnout reflected Adelabu’s deep grassroots connection in Oyo State, especially in Ibadan, widely regarded as a major political hub in the South-West. The large gathering is being interpreted by observers as a signal of growing political momentum and possible strategic positioning ahead of future political activities.
The development has also sparked conversations about the evolving political landscape in the state, with analysts pointing to the crowd size as an indication of shifting loyalties and increasing engagement among supporters.
Security presence was visible along the routes, ensuring crowd control and smooth movement of the convoy, while residents watched from roadsides, rooftops, and nearby buildings.
Adelabu Storms Ibadan, Draws Massive Crowd from Airport to Residence#FieldMarshalAvoidedWW3 | #BURMCI | #Skengwes | Nasiru | #A200Plus | NDLEA | Blessing CEO | Edo State pic.twitter.com/wRPXMEUia6
— Newstrends.Ng (@Newstrends_ng) April 23, 2026
VIDEO: Adelabu Storms Ibadan, Draws Massive Crowd from Airport to Residence
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Nigerian Military Repels ISWAP Attack, Neutralises 25 Terrorists in Borno
Nigerian Military Repels ISWAP Attack, Neutralises 25 Terrorists in Borno
Nigerian troops have recorded a major breakthrough in the fight against insurgency after killing a top Islamic State West Africa Province (ISWAP) commander, Abu Umar Bundi Munzir, alongside 24 other terrorists, while also capturing one fighter alive during a failed attack in Borno State.
The incident occurred in the early hours of Thursday when ISWAP fighters launched a coordinated assault on Kukareta community shortly after midnight, attempting to overrun the area. Troops of Operation HADIN KAI quickly responded, engaging the attackers in a sustained counter-offensive that lasted several hours until about 3:00 a.m., successfully repelling the assault and forcing the insurgents into retreat.
The Theatre Commander of Operation HADIN KAI, Maj.-Gen. Abdulsalam Abubakar, confirmed that the terrorist commander Abu Umar Bundi Munzir was among those killed during the intense firefight. He also stated that 24 other insurgents were neutralised, bringing the total number of terrorists killed in the operation to 25, while one fighter was captured alive and is currently in custody for interrogation.
Military authorities said the captured suspect is being questioned to provide intelligence on ISWAP operations, including logistics networks, recruitment structures, and possible hideouts used by the group across the region.
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Following the operation, troops conducted a battlefield exploitation exercise, which led to the recovery of a significant cache of weapons and ammunition used by the terrorists during the failed attack. The recovered items include 18 AK-47 rifles, three General Purpose Machine Guns (GPMGs), two PKT anti-aircraft guns, three RPG tubes, two mortar tubes, four hand grenades, 18 AK-47 magazines, and large quantities of 7.62mm ammunition.
Military sources also confirmed that two soldiers sustained gunshot wounds during the encounter but have since been stabilised and are receiving medical treatment. An armoured reinforcement vehicle was also damaged after its tyres were hit during the exchange of fire.
Maj.-Gen. Abubakar further stated that troops are continuing clearance and exploitation operations to track fleeing insurgents, recover abandoned equipment, and locate bodies along withdrawal routes reportedly marked by blood trails and medical supplies.
He described the operation as a major success in ongoing counter-insurgency efforts, adding that sustained military pressure will continue to deny terrorist groups freedom of action in the North-East theatre. Security officials say operations will remain active across vulnerable communities to prevent regrouping and further attacks.
Nigerian Military Repels ISWAP Attack, Neutralises 25 Terrorists in Borno
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