{"id":7212,"date":"2025-06-24T10:03:40","date_gmt":"2025-06-24T10:03:40","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=7212"},"modified":"2025-06-24T10:03:48","modified_gmt":"2025-06-24T10:03:48","slug":"concerns-over-missing-n210-trillion-nnpcl-funds-as-ti-nigerians-demand-thorough-probe","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2025\/06\/24\/concerns-over-missing-n210-trillion-nnpcl-funds-as-ti-nigerians-demand-thorough-probe\/","title":{"rendered":"Concerns Over Missing N210 Trillion NNPCL Funds As TI, Nigerians Demand Thorough Probe"},"content":{"rendered":"
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Again, the financial transparency of the Nigerian National Petroleum Company Limited is under public scrutiny over missing N210 trillion in its 2017-2023 audited financial statements.<\/p>\n

On Wednesday last week, at a session of the Senate Committee on Public Accounts chaired by Aliyu Wadada, the Nigerian public was exposed to the missing N210 trillion on NNPCL\u2019s audited statement.<\/p>\n

Wadada did not mince words when he and his committee issued a one-week ultimatum to NNPCL to account for the missing N210 billion.<\/p>\n

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The Committee, chaired by Wadada, vowed last week to pursue the matter to the full extent of its oversight powers.<\/p>\n

As a justification, DAILY POST reports that the Chief Financial Officer of the state-owned oil firm, Adedapo Segun, said the missing $210 trillion are cash calls requested by joint venture (JV) partners and settlement to the JVs.<\/p>\n

However, concerns have been raised that the investigation of the N210 trillion missing funds would vanish into thin air like other probes in the past.<\/p>\n

In June last year, the Socio-Economic Rights and Accountability Project filed a suit over N500 billion unremitted to the Federation Account between October 2024 and December 2024. Other missing funds in the last five years have also not seen the light of day.<\/p>\n

Reacting, Transparency International Nigeria\u2019s Country Director, Auwal Rafsanjani, demanded punishment for those involved in the disappearance of the N210 missing funds from NNPCL.<\/p>\n

According to him, the Nigerian Senate and the government had in the past shown lukewarm interest in prosecuting those involved in the huge missing funds in NNPCL.<\/p>\n

He blamed President Bola Ahmed Tinubu and other presidents who have seized positions as substantive ministers of petroleum, which has made the institution unaccountable and a conduit pipe for corruption since 1999.<\/p>\n

He alleged that Tinubu, former President Muhammadu Buhari, and Obasanjo have used NNPCL as their cash cow.<\/p>\n

\u201cThis is something that has been going on in NNPCL without any repercussions. No serious action has been taken on the several missing funds and unremitted funds in NNPCL.<\/p>\n

\u201cThis has been happening since 1999. NNPCL has become a major cash cow, or like an ATM, for so many government officials without accounting for it. This huge amount of money reflects the rot in NNPCL without a direct impact on Nigerians.<\/p>\n

\u201cThere is so much waste in the organisation. However, because all the presidents in Nigeria, including Tinubu, are using NNPCL for their selfish reasons, there is minimal transparency. The revenue for NNPCL is not accounted for in the way it should be.<\/p>\n

\u201cIt is worrisome and sad that this thing is happening without anything to stop it because of its beneficiaries. Virtually all the presidents, except Jonathan, made themselves the Minister of Petroleum. It is a collective failure in Nigeria over the years.<\/p>\n

\u201cIf we have a country governed by a system, we should be able to deal with those involved in the missing N210 trillion fund in NNPCL.<\/p>\n

\u201cI suggest that once there is clarity on the missing funds, those involved should be made to account,\u201d he told DAILY POST exclusively.<\/p>\n

Similarly, a popular energy expert, managing partner of BBH Consulting, and convener of the Public Interest Advocacy Network (PIAN), Barr. Ameh Madaki feared that the N210 trillion scandal would eventually fade without deterrence.<\/p>\n

According to him, how government authorities handle cases of missing funds in NNPCL has led to a loss of confidence in the country.<\/p>\n

\u201cThe opaque manner in which the Nigerian oil and gas industry has been operated for years has been a matter of sustained concern to most industry experts.<\/p>\n

\u201cAnd the fact that all these are always swept under the carpet after the next scandal breaks has been the way things have been for decades.<\/p>\n

\u201cIt is clear that the current scandal around NNPCL finances will once again fade into the stratosphere, like all the others.<\/p>\n

\u201cIt is, therefore, difficult to make any informed judgement about the outcome of the current scandal.<\/p>\n

\u201cIt is counterproductive to exert energies on it because the outcomes are unpredictable,\u201d he told DAILY POST on Monday.<\/p>\n

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Again, the financial transparency of the Nigerian National Petroleum Company Limited is under public scrutiny over missing N210 trillion in its 2017-2023 audited financial statements. On Wednesday last week, at a session of the...<\/p>\n","protected":false},"author":2,"featured_media":7213,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=7212"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7212\/revisions"}],"predecessor-version":[{"id":7214,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7212\/revisions\/7214"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/7213"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=7212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=7212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=7212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}