The allegation that over N210tn is unaccounted for in the books of the Nigerian National Petroleum Company Limited (NNPCL) has understandably generated outrage, public suspicion, and intense media attention. Given Nigeria’s troubled history of opacity in the management of oil revenues, such claims naturally provoke strong reactions.
However, while public institutions must always be subjected to rigorous scrutiny, accountability cannot be divorced from facts, logic, and due process. In the ongoing controversy surrounding the alleged missing N210tn, it is becoming increasingly difficult to ignore a fundamental question raised by former NNPCL Chief Financial Officer, Umar Ajiya: if NNPC generated approximately N54.5tn in revenue between 2017 and 2023, how could N210tn have gone missing?
It is a question that deserves an answer rooted in financial reality rather than public sentiment.
According to Ajiya, the total revenue recorded by NNPC during the period under review stood at about N54.5tn. This figure, he argued, is reflected in the company’s audited financial statements, which have been published in recent years. If that is the case, the allegation that nearly four times that amount is unaccounted for immediately raises legitimate concerns about the methodology used to arrive at the N210tn figure.
This is not an attempt to shield NNPC from legitimate scrutiny. Rather, it is a call for investigations to be guided by evidence rather than assumptions.
As a Chartered Accountant, I know of a fact that audit queries and observations are standard features of financial oversight. They are designed to identify discrepancies, seek clarifications, improve internal controls, and ensure compliance with accounting standards. An audit query does not automatically translate into missing funds or financial misconduct.
Unfortunately, in the public arena, these distinctions are often lost. What begins as a request for reconciliation can quickly evolve into sensational claims of monumental fraud before the facts are fully established.
This is why Ajiya’s defence of NNPC deserves objective consideration rather than outright dismissal simply because he once occupied a senior position within the organisation. His argument is based on figures that can be independently verified through forensic examination of the company’s audited accounts.
More importantly, Ajiya has not argued against investigation. On the contrary, he has called for independent verification by institutions such as the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU).
That position deserves commendation.
If indeed N210tn is missing, Nigerians deserve to know how it disappeared, who was responsible, and where the money went. However, if the figure stems from misinterpretation of audit observations, accounting classifications, or reconciliation issues, Nigerians equally deserve protection from misinformation capable of damaging public institutions and the country’s economic reputation.
This is where due process becomes essential.
The same principle should apply to former Group Chief Executive Officer of NNPC Limited, Mele Kyari, who has recently found himself at the centre of the controversy following the Senate Committee on Public Accounts’ decision to issue an arrest warrant over his absence from its proceedings.
Legislative oversight remains one of the cornerstones of democratic accountability. No public official should be exempt from appearing before constituted authorities when invited. However, fairness demands that all relevant circumstances be considered before conclusions are reached.
Kyari has maintained that he neither sought to evade the Senate committee nor ignored its invitation. According to him, he had earlier informed the committee that he was outside the country receiving medical treatment and had expressed willingness to appear upon his return. He further indicated that he had requested that any urgent inquiries be channelled through his legal representatives to facilitate prompt responses while undergoing treatment abroad.
If these claims are accurate, then the narrative that Kyari deliberately dodged legislative scrutiny becomes less straightforward than initially portrayed.
The former NNPC chief has consistently maintained that he has nothing to hide regarding his stewardship of the national oil company. He insists that proper records of transactions undertaken during his tenure were maintained and remain available for verification.
Indeed, perhaps the strongest defence of Kyari’s administration lies not in rhetoric but in the institutional reforms implemented under his leadership.
For decades, Nigeria’s national oil company operated under a cloud of opacity. Audited financial statements were either unavailable or inaccessible to the public. This culture of secrecy fuelled public distrust and reinforced perceptions of poor accountability.
However, under Kyari’s leadership and through the Transparency, Accountability and Performance Excellence (TAPE) initiative, NNPC embarked on a deliberate journey towards openness and corporate governance reforms.
One of the most significant outcomes of this initiative was the consistent publication of the company’s audited financial statements — a practice that represented a historic departure from the past.
The credibility of these financial statements is further strengthened by the calibre of the independent auditors involved in reviewing them.
The 2023 financial statements of NNPC Limited were jointly audited by three reputable accounting firms: PricewaterhouseCoopers (PwC), SIAO Partners, and Muhtari Dangana and Co. Chartered Accountants.
These are established professional firms with reputations built on adherence to international auditing standards. Their independent opinion on NNPC’s financial statements deserves serious consideration in the ongoing debate.
In their joint audit report, the auditors affirmed the transparency and integrity of NNPC’s financial reporting processes.
According to the audit report, “The consolidated and separate financial statements give a true and fair view of the consolidated and separate financial position of Nigerian National Petroleum Company Limited and its subsidiaries as at 31 December 2023, and of their consolidated and separate financial performance and their consolidated and separate cash flows for the year then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and the requirements of the Companies and Allied Matters Act and the Financial Reporting Council of Nigeria (Amendment) Act, 2023.”
This independent assessment is significant. While an unqualified audit opinion does not make any institution immune from future scrutiny, it provides substantial assurance that the financial statements present a fair representation of the company’s financial position based on internationally recognised standards.
It is difficult to reconcile such independent validation with allegations suggesting that N210tn simply vanished from the company’s books.
The opinion of the independent auditors stands as a testament to NNPC’s commitment to transparency and accountability. It also reflects the strategic foresight and operational resilience that characterised the company’s reform efforts under Kyari’s leadership.
This does not mean NNPC should be beyond questioning. No public institution should be insulated from oversight.
However, oversight loses credibility when allegations are treated as established facts before they have been subjected to rigorous examination.
The danger of prematurely accepting unverified allegations extends beyond the reputations of individuals such as Ajiya and Kyari.
Nigeria’s economy remains heavily dependent on the oil and gas sector. International investors, development finance institutions, credit rating agencies, and global markets closely monitor developments involving state-owned enterprises. Allegations involving figures as substantial as N210tn inevitably attract international attention.
This does not mean potential wrongdoing should be ignored to protect Nigeria’s image. Far from it. Genuine accountability strengthens investor confidence by demonstrating that institutions function effectively and transparently. However, accountability must itself be accountable to facts.
The objective of the Senate’s investigation should not be to secure headlines or satisfy public outrage. It should be to uncover the truth.
If independent investigations establish that financial impropriety occurred, those responsible should face the full consequences prescribed by law, regardless of their status or former positions.
But if the allegations stem from accounting misunderstandings, duplicated calculations, or misinterpretations of audit queries, then it becomes equally important to correct the public record and prevent lasting damage to institutional credibility.
Justice demands fairness to all parties. The Senate has a constitutional responsibility to conduct oversight. NNPC officials, past and present, have a corresponding obligation to cooperate fully with legitimate inquiries. Agencies such as the EFCC and NFIU possess the expertise necessary to undertake forensic reviews capable of establishing the facts beyond speculation.
Until such independent verification is completed, caution should guide public discourse.
The question raised by Umar Ajiya remains both simple and profound: if NNPC generated approximately N54.5tn during the period under review, how exactly did N210tn go missing?
It is a question that deserves an answer supported by evidence, not assumptions. Nigerians deserve accountability. They deserve transparency. But above all, they deserve the truth.
And in the pursuit of truth, facts must always prevail over speculation.
-Ifeanyi Onuba, a Chartered Accountant wrote from Abuja
OPINION: If NNPC Generated N54tn, How Did N210tn Go Missing? is first published on The Whistler Newspaper
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