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Senate rejects NNPCL’s defence, orders refund of ₦210trn unremitted funds

Published

4 weeks ago

November 12, 2025

Senate rejects NNPCL’s defence, orders refund of ₦210trn unremitted funds

The Senate has rejected the Nigerian National Petroleum Company Limited (NNPCL)’s explanations regarding the alleged ₦210 trillion unremitted to the Federation Account, insisting that the company must refund the amount.

The resolution followed months of investigation by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, after the NNPCL’s Group Chief Executive Officer, Bayo Ojulari, failed to appear before the committee during its resumed hearing at the National Assembly on Tuesday.

The session was scheduled to allow the NNPCL clarify issues arising from 19 questions earlier raised by the committee concerning the alleged missing funds.

According to the committee’s review of NNPCL’s audited financial statements from 2017 to 2023, the firm recorded ₦103 trillion in accrued expenses and ₦107 trillion in receivables, totalling ₦210 trillion — transactions the panel described as unexplained and contradictory.

Senator Wadada said the explanations provided by the company were “unsatisfactory” and failed to align with available evidence.

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“NNPCL claimed ₦103 trillion as accrued expenses and ₦107 trillion as receivables—amounting to ₦210 trillion. On question eight, NNPCL’s explanation on the ₦107 trillion receivables, equivalent to about $117 billion, contradicts the company’s own records. The committee is duty-bound to reject this,” he stated.

The lawmaker further queried how the NNPCL could have paid ₦103 trillion in cash calls to joint venture (JV) partners in 2023 alone when it reportedly generated only ₦24 trillion in crude oil revenue between 2017 and 2022.

“Cash call arrangements were abolished in 2016 under President Muhammadu Buhari. How can NNPCL claim to have paid ₦103 trillion in one year when it generated only ₦24 trillion in five years? Where did NNPCL get that money?” he asked.

Wadada insisted that the alleged ₦103 trillion must be returned to the national treasury, stressing that the figures presented by the NNPCL were “unjustifiable and unacceptable.”

He also advised the company’s management to acknowledge any challenges in reconciling the records rather than providing inconsistent explanations.

“If the present management of NNPCL is finding it difficult to provide acceptable answers, it is better they say so. The committee will not hesitate to subpoena former officials of NNPCL and NAPIMS,” Wadada warned.

The Senate committee said its investigation would continue until the company’s management appears to provide a satisfactory account of the missing funds.

Senate rejects NNPCL’s defence, orders refund of ₦210trn unremitted funds

(Source: Channels Television)

Related Topics:NNPCL Senate unremitted funds

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Ex-CBN Governor Godwin Emefiele Denies Allegations of Financing Terrorism

Published

2 hours ago

December 6, 2025

Trends Admin

Godwin Emefiele

Ex-CBN Governor Godwin Emefiele Denies Allegations of Financing Terrorism

Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has strongly denied allegations linking him to terrorism financing in Nigeria, describing the claims as “mischievous and malicious.”

In a statement released on Saturday, December 6, 2025, Emefiele said the reports were “entirely fabricated, baseless, and a deliberate attempt to malign my name, mislead the public, and sow confusion for motives best known only to the publishers and their sponsors.”

He emphasized that the fight against terrorism is too important to be trivialized by irresponsible reporting, warning that Nigerians deserve accurate information rather than “reckless misinformation.”

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“Throughout my service to the nation and in my private life, at no time have I been involved in any activity remotely connected to terrorism, terrorist financing, or any action that threatens the peace and security of our nation,” Emefiele stated. He added that he has never been invited, questioned, or investigated regarding such allegations and has no connection to the individual cited in the media reports.

“There is no scintilla of truth in the allegation,” he said, urging the public to disregard the claims entirely and calling on media organizations to verify facts before publishing sensational stories.

Emefiele’s statement seeks to reaffirm his reputation and distances him from any activities undermining national security.

Ex-CBN Governor Godwin Emefiele Denies Allegations of Financing Terrorism

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Shettima Inaugurates Multi-Million Naira Juma’at Mosque in Gumel

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3 hours ago

December 6, 2025

Trends Admin

Shettima Inaugurates Multi-Million Naira Juma’at Mosque in Gumel

Vice President Kashim Shettima on Friday inaugurated the newly constructed multi-million-naira Juma’at Mosque located within the Emir of Gumel’s Palace in Jigawa State.

According to a statement by Zainab Rabo, Senior Special Assistant on Media Affairs to Governor Umar Namadi, the event drew high-level dignitaries, including top politicians, first-class emirs, captains of industry, and prominent Islamic scholars from across the country.

Rabo disclosed that the mosque was built by the Kashim Shettima Foundation, adding that Governor Umar A. Namadi and the Sultan of Sokoto graced the ceremony.

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During the occasion, the Vice President congratulated the Emir of Gumel, Alhaji Ahmed Mohammed Sani, on marking 45 years on the throne, describing the milestone as a blessing and testament to exemplary leadership.

Shettima also reaffirmed his commitment—through his foundation—to initiatives that would improve the lives of Nigerians.

The Vice President further commended Governor Namadi for his notable strides in modern agriculture, noting that Jigawa’s progress under his leadership had positioned the state competitively within Nigeria and beyond.

“Governor Namadi is equal to the task, looking at his two-year achievements and the way he transformed Jigawa in modern agriculture,” Shettima stated.

Shettima Inaugurates Multi-Million Naira Juma’at Mosque in Gumel

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Police Launch Special Enforcement Team to Enforce Tinubu’s Ban on VIP Escorts

Published

3 hours ago

December 6, 2025

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Inspector-General of Police (IGP), Kayode Egbetokun

Police Launch Special Enforcement Team to Enforce Tinubu’s Ban on VIP Escorts

The Nigeria Police Force (NPF) has deployed a Special Enforcement Team in Lagos to enforce President Bola Tinubu’s directive ending the use of police officers as escorts and guards for Very Important Persons (VIPs).

The operation, according to a statement posted on the Force’s official X account on Saturday by the Force Public Relations Officer, CSP Benjamin Hundeyin, commenced at about 10:00 a.m. on December 6, 2025, across key locations in Lagos State.

Hundeyin confirmed that the team carried out compliance checks at major points, including the Lekki–Ikoyi Link Bridge, the Murtala Muhammed International Airport domestic terminal, and other strategic hotspots within the state.

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He disclosed that officers found “satisfactory and commendable” compliance with the presidential directive, with no incidents of unauthorised police escort and no arrests recorded.

“The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, reiterates the Force’s commitment to the full implementation of the presidential directive,” the statement said. “The Nigeria Police Force remains resolute in redeploying its personnel to core policing duties aimed at enhancing general security, crime prevention, and the protection of lives and property nationwide.”

Hundeyin added that enforcement would continue across the country “without fear or favour,” urging Nigerians to support the push for a more professional and citizen-focused policing system.

President Tinubu had, on November 23, ordered the immediate withdrawal of police officers from VIP protection, directing that they be reassigned to frontline policing roles. According to the President’s Special Adviser on Information and Strategy, Bayo Onanuga, VIP protection will now be handled by armed operatives of the Nigeria Security and Civil Defence Corps (NSCDC).

The policy aims to free up police manpower for critical security operations, particularly in underserved communities, and enhance overall national security efficiency.