Claims that ₦210 trillion disappeared from the Nigerian National Petroleum Company (NNPC) Limited’s accounts have been dismissed by former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti, who told the Senate that there is no evidence to support the allegation in the company’s 2023 audited financial statements.
Wunti made the clarification while appearing before the Senate Committee on Public Accounts, chaired by Senator Ibrahim Dankwambo, during its ongoing review of NNPC Limited’s 2023 audited accounts. He said he examined the financial statements at the committee’s request and found no indication that such an amount was missing.
According to Wunti, the widely circulated ₦210 trillion figure resulted from a misunderstanding of accounting records rather than evidence of missing funds. He explained that the amount was obtained by incorrectly adding ₦107 trillion listed as sundry receivables—money owed to NNPC—to approximately ₦103 trillion recorded as accrued expenses, representing liabilities the company owes.
“Receivables are money other people owe you, while accrued expenses are money you owe other people. Accounting standards require that these items be reported separately. They cannot simply be added together and described as missing money,” Wunti told the committee.
The former NAPIMS chief said NNPC’s financial reporting structure is more complex than that of a conventional commercial company because the organisation functions both as a commercial enterprise and as the manager of petroleum assets on behalf of the Federal Government. He added that despite the reforms introduced under the Petroleum Industry Act (PIA), the company still maintains separate accounting records for its commercial operations and government-owned assets.
Wunti, who headed NAPIMS from March 2020 before becoming Chief Offshore Investment Officer of NNPC Upstream Investment Management Services (NUIS) until December 2024, maintained that there was no reported case of fraud or missing funds during his tenure.
He also rejected reports that ₦5.8 billion was spent to incorporate NNPC Limited after the implementation of the PIA. According to him, the actual payments made to the Corporate Affairs Commission (CAC) and the Nigeria Revenue Service (NRS) for filing fees and stamp duties totalled about ₦2.45 billion, while the higher figure resulted from accounting entries recorded in different books for statutory reporting purposes.
“The only money paid was about ₦2.45 billion, and it went directly to government institutions. No third party received any payment,” he said.
In his remarks, Senator Dankwambo stated that the committee had not found evidence that any money was missing from NNPC’s accounts. He explained that the ongoing review is intended to improve transparency and gain a clearer understanding of the company’s audited financial statements rather than validate allegations of missing funds. The committee adjourned to study Wunti’s submissions alongside the audited accounts before deciding whether further clarification would be required.
