The Chairman of the Senate Committee on Public Accounts, Aliyu Wadada Ahmed, has issued a stern warning that individuals found guilty of financial misconduct within the Nigerian National Petroleum Company Limited (NNPCL) may face imprisonment.
Speaking on Channels Television’s ‘Politics Today’ on Sunday, March 8, 2026, the lawmaker vowed that the Senate would pursue its investigation to a logical conclusion, regardless of the controversy surrounding the oil company’s audited financial statements covering 2017 to 2023.
The probe focuses on approximately ₦210 trillion recorded as liabilities and assets. Senator Wadada highlighted several “criminal” discrepancies, specifically criticizing the ₦5.8 billion spent on rebranding the company from NNPC to NNPCL.
The committee discovered a “double charge” where ₦2.9 billion was deducted from petroleum product proceeds while another ₦2.9 billion was simultaneously charged by NAPIMS for the same purpose. Wadada questioned the justification for such a massive expenditure simply to add the word “Limited” to the company name and repaint its logo.
Further concerns were raised regarding ₦103 trillion listed as “accrued expenses” in the audited statements. The lawmaker noted that this astronomical sum was vaguely attributed to retention, legal, and audit fees without a specific breakdown.
While the current NNPCL management claimed the funds settled joint venture obligations, Wadada challenged this explanation, noting that cash call arrangements were technically abolished in 2016. Similarly, the committee expressed skepticism over ₦107 trillion recorded as “receivables” supposedly owed by defunct banks, as the company failed to provide names or specific figures for these institutions.
The investigation also uncovered what appears to be a duplication of subsidy charges exceeding ₦3.8 trillion. The committee found that both NNPCL and its subsidiary, NAPIMS, recorded subsidy charges separately during the same period one on crude oil proceeds and the other on petroleum product proceeds. Senator Wadada emphasized that such accounting practices require urgent clarification to ensure Nigerians receive transparency in the management of public funds.
In a move to hold previous leadership accountable, the Senate Committee plans to invite the immediate past management team following the Eid break. High-profile figures expected to testify include former Group CEO Mele Kyari, former CFO Umar Ajiya, and former NAPIMS head Bala Wunti. The committee also intends to question the external auditors who certified these financial statements to determine how such discrepancies were overlooked.
Responding to allegations that the probe is politically motivated, Wadada insisted that the committee is merely fulfilling its constitutional oversight duties. He maintained that poverty and financial mismanagement affect all Nigerians regardless of tribe or political affiliation. The Senator reaffirmed his commitment to seeing the process through, stating that if the investigation establishes wrongdoing, legal consequences including jail terms must follow to restore integrity to the national oil firm.
