Former Chief Financial Officer of the Nigerian National Petroleum Company Limited, NNPCL, Umar Ajiya, has rejected allegations that ₦210 trillion is unaccounted for in the company’s finances.
Ajiya made the clarification on Wednesday while appearing before the Senate Committee on Public Accounts. He described the claim as “mathematically impossible” and inconsistent with NNPCL’s audited financial records.
—“No missing money in NNPCL books”—
According to Ajiya, NNPCL generated a total revenue of about ₦54.5 trillion between 2017 and 2023.
He said the ₦210 trillion figure being circulated cannot be backed by any cash flow records or revenue data in the company’s books.
“There is no missing money,” he told lawmakers. “The audited financial statements, which have been publicly released in recent years, remain the most credible source for evaluating the company’s financial position.”
—Calls for independent review—
The former CFO said audit queries raised by the Office of the Auditor-General are routine reconciliation issues aimed at improving reporting standards, not evidence of fraud or missing funds.
To resolve the controversy, Ajiya called on the Economic and Financial Crimes Commission, EFCC, and the Nigerian Financial Intelligence Unit, NFIU, to conduct an independent review of the disputed figures.
He added that he is willing to provide all relevant documents and explanations to any authorised institution reviewing NNPCL’s financial operations.
—Background—
The ₦210 trillion controversy has dominated public debate in recent weeks, with allegations that the amount is unaccounted for in NNPCL’s finances.
Ajiya’s testimony is the first direct response from a former top official of the company.
