A heated dispute is unfolding around the finances of Nigeria’s national oil company after claims surfaced that ₦210 trillion could not be accounted for in the books of the Nigerian National Petroleum Company Limited (NNPC Ltd.). A coalition of professionals now argues the figure is unrealistic and stems from a misunderstanding of financial records rather than missing money.

The disagreement has quickly drawn attention to the complex finances of Nigeria’s most powerful state-owned enterprise and raised questions about how the country’s oil revenues are audited and interpreted.

The controversy began when Ahmed Wadada, chairman of the Senate Public Accounts Committee, reportedly raised concerns that about ₦210 trillion could not be properly accounted for in NNPC’s financial records.

However, the Ajiyya Solidarity Forum (ASF), a coalition of professionals, has strongly rejected the allegation. Speaking to journalists, the group’s national coordinator Usman Hamza described the claim as “mathematically impossible” and politically charged.
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Hamza argued that the number itself should immediately raise questions.

Nigeria’s 2024 national budget was approximately ₦28.7 trillion, meaning the alleged discrepancy would equal nearly eight times the entire federal budget.

“To suggest a single entity lost an amount that large does not align with Nigeria’s fiscal reality,” Hamza said.

According to the forum, the dispute may stem from how financial figures were interpreted rather than actual missing funds.

The group claims that Senate investigators may have combined different accounting entries, including:

• Accrued expenses — largely tied to joint-venture obligations with international oil companies
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• Receivables owed to NNPC — funds expected from partners and transactions

Hamza said the committee appeared to have netted about ₦103 trillion in liabilities against roughly ₦107 trillion in receivables, a calculation that could create the impression of missing money when the figures actually represent normal accounting balances.

Labeling money owed to a company as “missing,” he argued, would be a serious misinterpretation of corporate financial statements.

The dispute comes as the Senate committee continues its review of NNPC’s financial records, part of broader oversight of the oil sector.

However, the forum criticized what it described as threats of arrest warrants against former NNPC officials, including former Chief Financial Officer Umar Ajiya.

ASF claimed the pressure on former executives could amount to political intimidation, warning that sensational allegations without verified evidence could damage Nigeria’s credibility with international investors.

The group also called on Senate leadership to investigate alleged bribery demands linked to the oversight process, a claim that has not yet been independently confirmed.

The dispute also highlights the continuing scrutiny of Nigerian National Petroleum Company Limited, which has undergone major structural changes in recent years.

Under the Petroleum Industry Act, the former state corporation was transformed into a commercial limited liability company, a shift designed to improve transparency and financial reporting.

NNPC has since begun publishing audited financial statements — something the corporation did not consistently release for decades.

Supporters of the reform argue that the new structure is gradually improving accountability. Critics, however, say the company’s financial complexity still makes it difficult for lawmakers and the public to clearly track oil revenues.

Nigeria’s oil sector remains the backbone of government revenue and foreign exchange earnings. Any allegation of massive financial discrepancies within the national oil company inevitably triggers public concern.

Yet the scale of the figure in dispute has also raised doubts among economists and policy analysts about whether the numbers reflect genuine financial gaps or accounting misunderstandings.

Such disputes are not uncommon in large oil companies where joint-venture liabilities, receivables, subsidies, and operational costs often run into trillions of naira on paper.

Still, transparency advocates argue that the controversy reveals a deeper issue: the persistent communication gap between technical financial reporting and political oversight.

The Senate’s ongoing financial review of NNPC is expected to continue, and lawmakers may request additional documents or explanations from current and former company officials.