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Senate Committee Rejects NNPCL’s Explanation of ₦210 Trillion Financial Discrepancy

Published

5 months ago

March 9, 2026

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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

Related Topics:Featured Financial Discrepancy NNPCL Senate

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BREAKING: 68 Passengers Escape Death as Enugu Air Crash-Lands at Benin Airport

Published

1 minute ago

July 23, 2026

Trends Admin

BREAKING: 68 Passengers Escape Death as Enugu Air Crash-Lands at Benin Airport

Aircraft overshoots runway and enters nearby bush; all passengers and crew evacuated without casualties as aviation authorities launch investigation.

No fewer than 68 passengers narrowly escaped death on Thursday, July 23, 2026, after an Enugu Air aircraft crash-landed at the Benin Airport in Edo State. The aircraft, with registration number 5N-ENR, was operating on the Enugu–Benin–Lagos commercial route when the incident occurred around midday on Thursday. According to a source at the Benin Airport who spoke on condition of anonymity, the aircraft overshot the runway after landing and veered into a nearby bush. Visuals from the scene circulating on social media showed the aircraft resting on a grassy area beside the runway, with its tail and one wing visibly detached from the fuselage. Passengers and airport personnel were seen walking around the wreckage, with no visible signs of casualties in the footage reviewed.

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Officials of the Federal Airports Authority of Nigeria (FAAN) responded promptly to the incident and safely evacuated all passengers from the aircraft. No casualties were recorded. The exact number of crew members on board at the time of the incident could not be immediately confirmed.

Enugu Air is a commercial airline owned by the Enugu State Government and was launched in July 2025. It is the second state-owned commercial airline in Nigeria after Ibom Air, which is wholly owned by the Akwa Ibom State Government. This latest incident comes after a previous mishap in November 2025, when an Enugu Air aircraft suffered a nose-landing gear failure while arriving at the Akanu Ibiam International Airport, Enugu. In that incident, all passengers and crew were also safely evacuated without injuries.

Aviation authorities, including FAAN and the Nigerian Safety Investigation Bureau (NSIB), have yet to issue official statements on the cause of the incident. Investigations are expected to commence to determine what caused the aircraft to veer off the runway.

BREAKING: 68 Passengers Escape Death as Enugu Air Crash-Lands at Benin Airport

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Ibadan Council Boss Demolishes Criminal Hideout in Apata

Published

14 minutes ago

July 23, 2026

Trends Admin

Ibadan Council Boss Demolishes Criminal Hideout in Apata

Ambassador Kehinde Adeyemi Akande leads joint security operation to bulldoze den used for vandalism, robbery, and theft after months of residents’ complaints and appeals.

The Executive Chairman of Ibadan South West Local Government, Oyo State, Ambassador Kehinde Adeyemi Akande, has reaffirmed his administration’s commitment to protecting lives and properties with the demolition of a notorious criminal hideout and den in Odo Ona, Apata area of the Local Government. The decisive action followed persistent complaints from residents and community leaders over the activities of suspected criminals who had turned the area into a haven for illegal operations, making life unbearable for law-abiding citizens. According to the chairman, the criminals had been terrorising residents for a long time by vandalising public water pipelines, stealing transformer cables, burgling houses, robbing, and engaging in other criminal acts that disrupted the peace and security of the area. The location had become so notorious that residents described it as “a market for illegal things and a den for evil activities,” which had made it difficult for security personnel to assess what was going on there. Community leaders disclosed that several letters and appeals had been written to the council over a period of more than six months, inviting the chairman to come to their aid. Notices of evacuation and removal were served to occupants of the hideout, but they refused to vacate, forcing the council to take decisive action. Responding swiftly to the distress call, the council boss led the intervention that resulted in the bulldozing of the hideout used by the suspected criminals for keeping stolen items and their unlawful activities. The exercise was carried out to restore peace, protect lives, properties, public infrastructure, and ensure the safety of all residents. The operation, which was conducted in collaboration with security agencies, saw heavy equipment move into the area to level the structure that had become a source of fear and insecurity for the community.

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Speaking further during the exercise, Ambassador Akande declared that criminality in any form would not be tolerated anywhere within Ibadan South West Local Government. He stressed that his administration remains committed to maintaining law and order and creating a safe environment where residents can live and carry out their daily activities without fear. He warned criminals and other perpetrators of illegal activities to desist or face the full weight of the law, adding that the local government would continue to collaborate with security agencies and community leaders to rid every part of the council area of criminal elements. “We will not allow a few misguided individuals to hold an entire community hostage. The safety of our people is non-negotiable, and we will continue to take every necessary step to ensure that Ibadan South West remains a place where residents can go about their legitimate activities without fear,” Akande stated.

The chairman commended the vigilance and cooperation of the Odo Ona community for prompt reporting of the activities of the criminals, noting that effective security is a shared responsibility between government and the people. He encouraged residents to continue to provide useful information that would assist security agencies in preventing crime and apprehending offenders. “Security of lives and property remains our top priority. We will continue to work with all stakeholders to ensure Ibadan South West remains safe for everyone,” he said. The Chairman of the Gather Olugbode area of Odo Ona committee in Apata, Mr Adepoju Popoola, who spoke on behalf of the committee, narrated the community’s ordeal with the criminals, expressing how they often robbed and stole from residents from time to time. He expressed appreciation to the chairman for his swift intervention, describing the demolition of the hideout as a major step towards restoring peace and normalcy in the area. “The achievement here today is historical as community residents will sleep better,” Popoola said. He also pledged continued support for the administration’s efforts to promote security, safety of lives, and development across Ibadan South West Local Government. Also speaking, the Baale of Odo-Ona, Oloye Mojeed Gunwa Tajo, echoed the same sentiment, saying the raid had brought relief to residents who had lived in fear for months. He noted that the community had been living under constant threat, with criminals operating freely and brazenly, but the demolition had sent a strong signal that such behaviour would no longer be tolerated.

Present at the venue were political functionaries, the Head of Local Government Administration, Alhaji Tunde Taofeek Olagunju, the Director of Works, Engr Ademola Moshood Olona, and other local government officials. Their presence underscored the council’s commitment to the operation and its determination to restore law and order in the area. The local government has reiterated its commitment to regular patrols and community engagement to prevent crime and sustain peace across all wards. Officials have also called on residents to remain vigilant and report any suspicious activities to the appropriate authorities. The council has pledged to continue working with security agencies to ensure that criminal elements have no hiding place within the local government area.

Ibadan Council Boss Demolishes Criminal Hideout in Apata

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Fashola: I Have Tinubu’s Ears, Can’t Advise Him on Television

Published

48 minutes ago

July 23, 2026

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Babatunde Fashola, Former Minister of Power, Works and Housing

Fashola: I Have Tinubu’s Ears, Can’t Advise Him on Television

Former Lagos governor says he has direct access to the President and prefers private counsel over public commentary, while also ruling out a presidential bid and backing state police.

Former Lagos State Governor and ex-Minister of Works and Housing, Babatunde Fashola, has explained why he will not take to television to critique President Bola Tinubu’s administration, arguing that his direct access to the President makes public commentary unnecessary and counterproductive. Fashola made the remarks during an interview on TVC’s Beyond The Headlines on Wednesday, where he was asked why he had largely refrained from commenting publicly on the President’s performance since leaving office. According to Fashola, President Tinubu regularly seeks his views on governance and areas requiring improvement as the administration prepares for the 2027 general elections. He disclosed that the President recently reached out to him directly, asking for candid advice on what his administration should improve ahead of the polls. “He calls me today, and he says, ‘Today, identify one area where my administration must improve as we count down to 2027. What would you advise me?’ So, I will speak to the President on TV? I’ve told myself I would not do that,” Fashola stated. The former minister emphasised that he values the private channel of communication he maintains with the President and believes direct engagement is more productive than public pronouncements. He noted that he had already offered advice to the President on several matters and intends to preserve that line of communication. “I have his ears, and when I need to see him, I’ve advised on a few things. I think that we must keep that channel open. It’s not my intention to advise him on television,” he said.

When pressed on whether the administration had developed any blind spots after three years in office, Fashola dismissed the suggestion, saying his access to the President made public criticism unnecessary. “There are no blind spots in this administration. You can’t be shouting at somebody whose ear you have,” he responded. The interviewer noted that many Nigerians had expected Fashola to become more outspoken on national issues after leaving public office, but the former Lagos governor maintained that his approach had not changed. He argued that public commentary from someone with direct access to the President would be counterproductive and could undermine the confidential relationship he values.

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Fashola also shut down speculation about his political future, ruling out any ambition to contest the presidency. Asked if he would run for president, he replied simply, “No.” When the interviewer pressed further, Fashola responded with a smile, “President of what? I’m president at home.” Reflecting on his public service career spanning more than two decades, Fashola described the opportunity to serve as an unimaginable privilege and expressed hope that his journey would inspire younger Nigerians to pursue public service. “My journey has been an unimaginable privilege, and I hope that it, in some way, inspires another generation about the possibilities of this country,” he said. He added that Nigeria continues to offer opportunities for those willing to strive, noting that the country has produced many stories of “rags to riches and grass to grace.” On how he hopes history will remember him, Fashola said he would leave that judgment to posterity: “Let history write whatever history wants to write. It is not in my place.”

The former governor declined to comment on long-standing speculation over whether he had favoured Obafemi Hamzat or Olasupo Sasore as his preferred successor ahead of the 2015 Lagos governorship election. Fashola confirmed that he remains a member of the Lagos State Governance Advisory Council (GAC) but stressed the need to distinguish between offering counsel and interfering in government affairs. “There is a thin line between intervention and interference,” he said.

Speaking on governance, Fashola stressed the need to preserve public confidence in the judiciary, warning that constant attacks on the courts could weaken democratic institutions. He also argued that a vibrant opposition is necessary for democracy to thrive, saying political disagreements should help improve governance rather than undermine the system. The former minister further highlighted the need for national consensus on critical issues such as taxation, foreign policy and legislative oversight, urging professionals and young Nigerians to participate more actively in shaping public policy. He reiterated his support for the establishment of state police, though he cautioned that it would not be an instant solution to Nigeria’s security challenges. On Lagos’ recurring flooding challenges, Fashola said the state’s coastal geography made flooding inevitable but manageable, adding that indiscriminate waste disposal continued to worsen the situation. He maintained that addressing the problem required cooperation between government and residents. Fashola also addressed the issue of fuel subsidy removal, describing it as a necessary but painful decision that would ultimately benefit the country in the long run. He urged Nigerians to exercise patience, noting that difficult reforms often take time to yield positive results. He also called for greater transparency in the management of the savings from subsidy removal.