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Senates Rejects NNPCL’s Explanation, Orders Refund of N210trn to Govt
The Senate has rejected the explanations provided by the Nigerian National Petroleum Company Limited (NNPCL) regarding the ₦210 trillion outstanding against the oil firm.
It came to the conclusion on Wednesday that the money, which had not been accounted for, must be refunded to the Federation Account by the company.
The Senate Committee on Public Accounts chaired by Aliyu Wadada, which has been on the probe for months, took the decision on Tuesday after the Group Chief Executive Officer (GCEO) of the NNPCL, Bayo Ojulari, failed to turn up at its resumed sitting at the National Assembly.
The session was called to give the NNPCL the opportunity to make clarifications on the answers the company provided to the 19 questions the panel asked the firm about the ₦210 trillion.
Following a review of the operations of the NNPCL from 2017-2023, the committee sighted the unexplained transaction, totaling ₦103 trillion (accrued expenses) and ₦107 trillion (receivables) in the audited financial statements of the firm, prompting it to raise the queries.
After weeks of back-and-forth between the committee and the NNPCL, the NNPCL eventually responded to the 19 questions.
However, at a resumed session, Senator Wadada frowned at the absence of Ojulari, whom the committee said gave no reasons for staying away, consequently rejected the explanations.
The Chairman of the committee, Senator Aliyu Wadada, while speaking on the panel’s findings, said the responses were not only unsatisfactory, but were also contradictory.
“NNPC claimed ₦103 trillion as accrued expenses and ₦107 trillion as receivables -amounting to ₦210 trillion. On question eight, NNPC’s explanation on the ₦107 trillion receivables -equivalent to about $117 billion -contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this,” he stated.
Wadada further questioned how the firm could pay ₦103 trillion in Cash Calls to Joint Venture (JV) partners in 2023 alone, despite generating only ₦24 trillion in crude revenue between 2017 and 2022.
“Cash Call arrangements were abolished in 2016 under the President Muhammadu Buhari administration. How can NNPC claim to have paid ₦103trn in one year, when it only generated ₦24trn in revenue over five years? Where did NNPC get that money?
“As far as this committee is concerned, that figure is unjustifiable and unacceptable. The ₦103 trillion must be returned to the Treasury. This will be concluded when the NNPCL appears before us,” he stated.
The committee said it would have been better for the current management of the NNPCL to admit that it encountered challenges in explaining what happened to the funds than giving contradictory answers to the questions.
“If the present management of NNPCL is finding it difficult to provide acceptable answers, it is better they say so. The committee will not hesitate to subpoena former officials of NNPCL and NAPIMS,” Wadada added.
British Prime Minister and Labour Party leader Keir Starmer on Monday announced his resignation, bringing an abrupt end to a premiership that began with Labour’s landslide general election victory in July 2024.
Starmer made the announcement in a statement outside 10 Downing Street, where he reflected on his time in office and defended his record in government.
“Every decision I have made has been about putting the country I love first,” Starmer said as he confirmed he would step down as both prime minister and leader of the governing Labour Party.
The resignation marks a dramatic political development in the United Kingdom, coming barely two years after Starmer led Labour back to power following more than a decade in opposition.
His departure is expected to trigger a swift leadership transition within the party at a time of heightened political uncertainty.
Addressing supporters gathered outside Downing Street, Starmer described entering No. 10 in 2024 as “the proudest moment” of his life, saying he entered politics with the goal of improving the lives of millions of people.
The outgoing prime minister also highlighted what he considered some of his key achievements, including rebuilding the Labour Party after years of internal divisions and restoring public confidence in the party’s economic and national security credentials.
Starmer said he inherited a Labour Party that was “politically, financially and morally bankrupt” and faced repeated predictions that it was finished as a political force.
He argued that his leadership helped transform the party, including efforts to tackle anti-Semitism and reposition Labour as a credible alternative government.
His resignation has immediately intensified speculation over his successor. Attention has turned to Andy Burnham, who recently won the Makerfield by-election and is due to be sworn in as a Member of Parliament.
Political observers and Labour insiders believe Burnham could emerge as the overwhelming favourite to take over the party leadership. Some party members are already discussing the possibility of a “coronation” process in which Burnham becomes the sole candidate, avoiding a prolonged leadership contest.
If that scenario unfolds, Labour could have a new leader and prime minister in place by September, around the time of the party’s annual conference.
The Independent National Electoral Commission (INEC) has declared the All Progressives Congress (APC) candidate, Biodun Oyebanji, winner of the 2026 Ekiti State governorship election.
Oyebanji secured a landslide victory, polling 319,224 votes to defeat his closest challenger, the Peoples Democratic Party (PDP) candidate, Dr. Wole Oluyede, who garnered 40,543 votes. The African Democratic Congress (ADC) candidate, Dare Bejide, came a distant third with 12,872 votes.
The election, held across all 16 local government areas of the state, was overshadowed by reports of irregularities and widespread allegations of vote buying, drawing strong condemnation from observers.
The official results were announced on Sunday morning by the Chief Returning Officer, Professor Adenike Oladiji, who declared Oyebanji duly elected after meeting the constitutional requirements.
In her declaration, Professor Oladiji stated: “I, Professor Adenike Oladiji, hereby certify that I am the Returning Officer for the Ekiti State Governorship Election held on June 20, 2026, and that the election was conducted in compliance with the provisions of the law. Biodun Abayomi Oyebanji of the All Progressives Congress, having satisfied the requirements of the law and scored the highest number of valid votes cast, is hereby declared the winner and returned elected.”
Source: Reuters
