A coalition of professionals under the Ajiyya Solidarity Forum (ASF) has rejected allegations that about N210tn is unaccounted for in the accounts of the Nigerian National Petroleum Company Limited (NNPC Limited), describing the claim as “mathematically impossible” and politically motivated.
Speaking to journalists on Thursday, ASF National Coordinator, Usman Hamza, said the figure cited by the Chairman of the Senate Public Accounts Committee, Ahmed Wadada, was misleading and inconsistent with Nigeria’s fiscal realities.
“Senator Wadada’s claim of N210tn ‘unaccounted for’ funds is a mathematical impossibility designed to shock the public,” Hamza stated. He noted that Nigeria’s 2024 national budget stands at about N28.7tn, making the allegation roughly eight times the country’s annual budget. “To suggest that a single entity ‘lost’ nearly eight times the national budget is an insult to the intelligence of Nigerians,” he added.
The forum also condemned threats of arrest warrants against former NNPCL officials, including former Chief Financial Officer, Umar Ajiya, calling the actions part of a coordinated campaign of political blackmail.
According to Hamza, the Senate committee may have misinterpreted financial records by combining accrued expenses and receivables in a way that falsely suggested missing funds. “We consider that the committee has erroneously ‘netted’ N103tn in accrued expenses, largely joint venture liabilities, with N107tn in receivables owed to NNPCL. Labelling money owed to a company as ‘missing funds’ is a professional travesty,” he explained.
The ASF highlighted that the alleged discrepancies ignored reforms undertaken by NNPCL in recent years, including the company’s transition into a commercially driven entity under the Petroleum Industry Act. “Mr Ajiya’s tenure saw the transition of NNPC into a commercially driven entity and the publication of the first audited financial statements in 43 years,” Hamza said.
The forum also defended the N5.9bn cost incurred during the transition, noting it covered complex legal and structural reforms required to convert the state corporation into a limited liability company.
Warning against politicising oversight, Hamza said, “Using the Senate’s hallowed chambers to pursue personal vendettas damages Nigeria’s reputation with international investors.” He further urged the Senate leadership to investigate alleged bribe demands connected to the oversight process and called for a sober forensic review of facts rather than sensational claims.
