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Senate Committee exposes staggering gaps in 2017–2023 financial records
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Transparency International blames Tinubu, Buhari, Obasanjo for years of rot
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Analysts fear probe will fade like others despite public uproar
The Nigerian National Petroleum Company Limited (NNPCL) is under intense fire after the Senate Committee on Public Accounts uncovered discrepancies a total of ₦210 trillion in the corporation’s audited financial statements spanning 2017 to 2023.
During a Senate hearing last Wednesday, chaired by Senator Aliyu Wadada, lawmakers expressed outrage over the missing funds and issued a one-week ultimatum to NNPCL to provide full explanations and documentation.
“This committee will pursue this to the full extent of its oversight powers,” Senator Wadada declared during the session.
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In response to the probe, NNPCL’s Chief Financial Officer, Mr. Adedapo Segun, claimed the missing sum represents cash calls and settlements owed to joint venture (JV) partners—an explanation that has been met with fierce public skepticism.
Reacting to the revelation, Transparency International Nigeria’s Country Director, Mr. Auwal Rafsanjani, told Daily Post in an exclusive interview that successive Nigerian presidents, particularly those who doubled as Petroleum Ministers, bear direct responsibility for the systemic corruption.
“Virtually all Nigerian presidents—Tinubu, Buhari, and Obasanjo—have used NNPCL as their cash cow. Since 1999, it’s become a conduit for looting,” Rafsanjani said.
He added that past efforts to address missing funds at NNPCL have failed because of the political shielding of those involved.
“There is so much waste in the organisation, and because beneficiaries sit in the highest offices, there is no deterrence. NNPCL’s revenue is never fully accounted for.”
He cited previous cases—such as the ₦500 billion unremitted to the Federation Account between October and December 2024—that were similarly ignored by the state.
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“Unless we run a country governed by strong systems, this ₦210 trillion will also disappear. There must be public punishment, or it will keep happening.”
Energy expert and managing partner of BBH Consulting, Barr. Ameh Madaki, echoed fears that the current scandal would suffer the same fate as countless past ones.
“We’ve seen this before—there’s a public uproar, an investigation, and then it fades when the next crisis breaks. That’s the pattern,” he said.
The Senate Committee’s ultimatum comes amid mounting pressure from civil society groups and citizens demanding full accountability and prosecution of those involved.
