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Senate Panel Queries ₦210 Trillion in NNPC Accounts, Orders Refund and Forensic Audit
The Chairman of the Senate Public Accounts Committee, Senator Ahmed Wadada Aliyu, has raised serious concerns over inconsistencies in the financial statements of the Nigerian National Petroleum Company Limited (NNPC) spanning 2017 to 2023, directing the company to account for and refund a combined ₦210 trillion flagged in its books.
Briefing journalists in Abuja on the ongoing inquiry, Wadada said the committee’s investigation—ongoing since May 2025—has uncovered significant discrepancies in the company’s audited financial statements, particularly in accrued expenses and sundry receivables.
According to him, the committee discovered that NNPC reported ₦103 trillion as accrued expenses in 2022 without providing adequate breakdowns or supporting documentation.
“The explanations provided by NNPC management were inconsistent and unsatisfactory,” Wadada told reporters.
He explained that the company initially claimed the amount covered retention fees, legal fees and audit fees, but failed to provide a detailed breakdown when requested by the committee.
“When pressed further, the management changed its explanation, stating that the accrued expenses represented cash calls owed to joint venture partners. However, the cash call regime ended in 2016, making that claim questionable,” he said.
The Senate panel also flagged ₦107 trillion recorded as sundry receivables, noting that the oil company could not identify the debtors linked to the figure.
“The company could not provide the identities of the debtors responsible for the ₦107 trillion receivables. In some instances, the receivables were linked to defunct banks,” Wadada stated.
Beyond these figures, the committee identified several other financial irregularities in the records of NNPC and its subsidiary, the National Petroleum Investment Management Services (NAPIMS).
Among the findings were ₦3.8 trillion in subsidy costs allegedly duplicated in the books of both NNPC and NAPIMS, as well as ₦5 trillion in direct production costs charged by NAPIMS despite the agency not being directly involved in crude oil production.
The committee also queried ₦5.9 billion reportedly spent on incorporation expenses, noting that both NNPC and NAPIMS appeared to have charged the same expenses separately.
“These financial entries raise serious accountability concerns and have therefore been rejected by the committee,” Wadada said.
Consequently, the panel directed NNPC to refund ₦210 trillion, representing the combined value of the ₦103 trillion accrued expenses and ₦107 trillion sundry receivables.
The committee further demanded that the company refund production costs that were charged against crude oil revenues without adequate justification.
As part of the investigation, the panel announced plans to summon former NNPC executives, including former Group Chief Executive Officer Mele Kyari, as well as Umar Ajia and Bala Wunti, alongside external auditors involved in preparing the company’s financial statements.
“They will be invited to appear before the committee to provide explanations regarding the infractions identified in the financial reports,” Wadada said.
He added that the committee would also commence a forensic audit of NNPC’s financial statements from 2017 to 2023 in line with Section 85 of the Constitution.
According to the lawmaker, the investigation is part of the Senate’s oversight responsibility to ensure transparency and accountability in the management of public resources.
“The objective of this exercise is to enhance public fund generation and ensure proper utilization of national resources,” Wadada said.
He added that the committee’s work aligns with the economic reform agenda of Bola Ahmed Tinubu, noting that the administration’s Renewed Hope governance agenda prioritizes transparency and fiscal responsibility.
“Our mandate is to ensure that every kobo due to the Nigerian people is properly accounted for,” Wadada said.
Finally, Minister of Power Adebayo Adelabu has resigned from President Bola Tinubu’s cabinet.
In a resignation letter dated April 22, 2026, and addressed to President Bola Tinubu, Adelabu said the decision would take effect from April 30, 2026, to allow for a smooth transition.
The letter, routed through the Office of the Secretary to the Government of the Federation, stated that he was stepping down with “a deep sense of honour and profound gratitude.”
He wrote, “I write with a deep sense of honour and profound gratitude to formally tender my resignation as the Honourable Minister of Power of the Federal Republic of Nigeria. This resignation is to take effect on 30th April 2026, in order to allow sufficient time for a smooth and orderly handover of responsibilities.”
Adelabu thanked the President for the opportunity to serve, describing his appointment as a privilege.
He said, “Your Excellency, I remain sincerely grateful for the privilege and confidence you reposed in me by appointing me to serve our great nation in this capacity.
It has been a rare honour to contribute to national development under your leadership and to play a role in advancing reforms in the power sector—one of the most critical foundations of Nigeria’s industrial growth and economic transformation.”
By Gloria Ikibah
As part of efforts to strengthen the country’s security architecture, President Bola Tinubu, has sent a formal communication to the House of Representatives on seeking legislative approval for the repeal and re-enactment of the Nigerian Police Trust Fund (NPTF) Establishment Act, 2025.
The request which was transmitted to the House for consideration and passage on Wednesday at plenary, underscores the need to improve the management and administration of the fund, enhance police training, and provide modern equipment for the Nigeria Police Force.
According to the letter,, the proposed amendment is aimed at boosting the operational capacity, accountability, and sustainability of the Police Trust Fund in line with current security challenges.
The President urged lawmakers to give the bill expeditious consideration, as the said the reform will improve the welfare of police personnel and support skill development across the force.
In another development, the House Committee on Rules and Business has moved to tighten legislative discipline, directing all standing and ad hoc committees to submit reports on bills and motions within set timelines in line with House procedures.
Chairman of the committee, Rep. Francis Uwaive, reminded all committee chairmen to treat all assigned matters within 30 days, with the risk of losing such assignments after 60 days if no progress is made, except where a short extension is granted.
A firm deadline has also been set for all outstanding reports, with the end of April 2026 as the cut-off point, and non-compliance attracting automatic discharge.
Amid the formal proceedings, lawmakers briefly paused to celebrate two members marking their birthdays, acknowledging their contributions to public service and national development.
The mood later shifted as the House paid tribute to a former member of the Fifth Assembly, observing a minute’s silence in his honour following his passing after a prolonged illness.
He was remembered for his dedication and service to his constituents in Benue State, with colleagues noting that his death represents a significant loss to the legislature and the country.
Iran’s Revolutionary Guards said on Wednesday that their naval forces stopped two ships attempting to cross the Strait of Hormuz and directed them to the territorial waters of the Islamic Republic.
“The Islamic Revolutionary Guard Corps naval force this morning identified and stopped in the Strait of Hormuz two violating ships,” the Guards said in a statement.
“The two offending ships… were seized by the IRGC’s naval forces and directed to the Iranian coast.”
They identified one ship as “MSC-FRANCESCA”, which they said belonged “to the Zionist regime” in reference to Israel, and the other as “EPAMINONDAS”, which they said was “tampering with navigation systems and jeopardising maritime security.”
The Guards further warned against any action against the regulations imposed by the Islamic republic in the strait “as well as activities contrary to the safe passage” through the waterway.
Tehran has said vessels must seek permission to leave of enter the Gulf through Hormuz, through a route that in peacetime accounts for a fifth of the world’s oil and gas exports along with other vital commodities.
Source: AFP
BREAKING: Finally, Power Minister, Adelabu resigns from Tinubu’s cabinet
Reps Begin Review of Police Trust Fund Law, Tighten Timeline for Committee Work
Iran Seizes Two Ships attempting to cross Strait of Hormuz
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