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Bala Wunti Debunks Allegations of Missing N210trn from NNPC Ltd Accounts
Allegations that N210 trillion is missing from the accounts of the Nigerian National Petroleum Company Limited (NNPC Ltd), have been waved-off as baseless.
Former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti, made the clarification at the Senate, maintaining that a detailed review of the oil major’s 2023 audited financial statements revealed no evidence of missing funds.
He shared his views before the Senate Committee reviewing the NNPC Ltd’s 2023 audited accounts on Tuesday. According to Wunti, the widely circulated claim was the result of a fundamental misunderstanding of accounting principles rather than proof of financial misconduct.
Addressing lawmakers, the former NAPIMS boss said his independent examination of the audited statements found no reference to the alleged missing N210 trillion.
“I have gone through this document page by page. I have not found where N210 trillion was mentioned,” Wunti told the committee.
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He explained that the disputed amount emerged after two completely different balance-sheet entries were incorrectly combined and presented as missing money.
Wunti maintained that about N107 trillion represented sundry receivables—funds owed to NNPC Ltd by third parties—while another N103 trillion reflected accrued expenses, which are liabilities the company is obligated to pay.
He stressed that under globally accepted accounting standards, the two entries serve entirely different purposes and cannot be merged to suggest that funds had disappeared.
“Receivables are money other people owe you. Accrued expenses are money you owe other people. Accounting standards require these items to be reported separately. They cannot simply be added together and described as missing money,” he said.
Based on his review of the audited financial statements, Wunti declared under oath that there was no factual basis for allegations that N210 trillion had vanished from NNPC Ltd’s books.
The Senate committee had invited Wunti, who previously supervised upstream investments at the NNPC Ltd, to conduct an independent assessment of the company’s 2023 audited accounts and present his findings.
Although he noted that his tenure did not cover the entire period under review, Wunti said it substantially overlapped with the years captured in the audit, giving him firsthand knowledge of the accounting framework, financial reporting processes and operational structure of the national oil company.
He also sought to explain what he described as the unique accounting framework of national oil companies, saying NNPC Ltd’s financial reporting is more complex than that of conventional commercial enterprises.
According to him, unlike private corporations, NNPC Ltd simultaneously functions as a commercial business, serves as custodian of Nigeria’s oil and gas assets on behalf of the Federation and performs strategic national energy security responsibilities.
These multiple roles, he explained, require separate accounting records and reporting frameworks, making the company’s audited financial statements more intricate than those of ordinary corporate organisations.
Wunti recalled that before the enactment of the Petroleum Industry Act (PIA), the defunct Nigerian National Petroleum Corporation (NNPC) combined commercial, regulatory and policy responsibilities within a single organisation.
While the PIA separated many of those responsibilities, he pointed out that the NNPC Ltd still maintains distinct accounting records to reflect both its commercial activities and its management of assets belonging to the Federation.
The former NAPIMS chief, who headed the agency from March 2020 before serving as Chief Offshore Investment Officer of the NNPC Upstream Investment Management Services (NIUMS) until December 2024, maintained that no case of fraud or missing funds was reported during his time in office.
“There was no reported fraud or money missing throughout the period under my stewardship,” he told lawmakers.
Wunti also addressed another issue raised before the committee, disputing reports that N5.8 billion was spent to incorporate NNPC Ltd after the implementation of the PIA.
He explained that the actual statutory payments made to the Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS) for filing fees and stamp duties amounted to approximately N2.45 billion.
According to him, the larger N5.8 billion figure resulted from accounting entries recorded separately across different books because one arm of the organisation paid the statutory charges on behalf of government shareholders, while another reflected the same transaction in its reporting records.
“The only money paid was about N2.45 billion, and it went directly to government institutions. No third party received any payment,” he said.
To prevent similar controversies in future, Wunti urged stronger collaboration among the NNPC Ltd, the Office of the Accountant-General of the Federation and the Office of the Auditor-General of the Federation to deepen understanding of the company’s accounting framework and reporting procedures.
He also called for greater appreciation of the constitutional and statutory provisions governing NNPC Ltd, particularly the PIA, arguing that a proper understanding of the legal framework would lead to more accurate interpretation of the company’s financial statements and reduce public misconceptions.
Following the presentation, Chairman of the Senate Committee, Senator Ibrahim Dankwambo, said members would examine Wunti’s report alongside the audited financial statements before deciding whether further clarification would be required.
The committee subsequently adjourned proceedings to continue its review of the submissions.
The Senate’s ongoing scrutiny of NNPC Ltd’s 2023 audited accounts has drawn widespread public attention amid allegations of financial irregularities and conflicting interpretations of figures contained in the company’s audited financial statements.
Peter Obi has condemned the reported killing of some Nigerians abducted in Borgu, Niger State, saying the country must never normalise the killing of its citizens.
Obi made this known in a statement released via X on Wednesday, where he described the reports emerging from Borgu as increasingly difficult to comprehend and deeply painful.
He recalled that on August 27, he had expressed his anguish over the reported abduction of about 600 Nigerians, including women, children and elderly people, alongside the killing of others.
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According to him, his anguish has deepened following continuing reports of the gruesome killing of some of those abducted, while many others remain unaccounted for.
Obi also referred to another disturbing incident in which a bandit group reportedly beheaded a Nigerian and sent his severed head to a community leader over a ₦50 million levy.
“If the reported killing was intended to increase pressure on the community and extract more money for those still being held, then we must recognise the terrible reality before us: human life is being deliberately turned into a bargaining instrument,” he said.
The former Anambra State governor said one person being killed to terrorise an entire community while others are kept alive as hostages for more ransom amounts to the systematic devaluation of human life.
“These are not statistics. They are Nigerians. They are mothers, fathers, children, brothers, sisters and elderly people,” Obi said.
He questioned how long the country would continue to accept the kidnapping of hundreds of citizens, killings, criminal levies, displacement and ransom payments as unavoidable features of Nigerian life.
Obi said insecurity also affects families, farms, businesses, education and public confidence in government.
He called for intelligence-led operations, stronger community security, rapid response, better coordination and equipment for security forces, effective border protection and sustained action against criminal networks.
“The primary responsibility of government is the security and welfare of its citizens,” he said.
“While politicians prepare for elections, Nigerians are asking for something more fundamental: the right to live.”
Obi urged the government to match prayers with action, insisting that no criminal group should determine who lives or dies anywhere in Nigeria.
“Every Nigerian life matters. Every victim deserves justice. Every community deserves protection. Nigeria must restore security, justice, and the dignity of human life,” he added
Former Vice President Atiku Abubakar has called for Nigeria to become more affordable, saying families across the country are being stretched by the rising cost of basic necessities.
Atiku made the call on Wednesday after receiving former First Lady Aisha Buhari, whose visit he described as warm and deeply appreciated.
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According to Atiku, the visit was also a reminder of the urgent responsibility before those seeking a better Nigeria: to put the welfare, dignity and future of Nigerians first.
“Across our country, families are being stretched by the rising cost of food, transport, education, healthcare and other basic necessities,” Atiku said.
He said Nigerians deserve an economy that rewards hard work, restores opportunity and allows every family to live with dignity and hope.
“That is the Nigeria we must build together, a country that works for its people again,” he said.
Atiku added “We must ease the burden, restore hope and Make Nigeria Affordable Again.”
Former Anambra State Governor and NDC presidential candidate, Peter Obi, has said Nigerian youths should not have to leave the country before their talents are recognised or their dreams become achievable.
Obi stated this in a statement released on Wednesday as he concluded a four-day working visit to the United States.
According to him, the visit provided an opportunity to engage with prominent personalities and discuss issues concerning Nigeria, the United States and the future of Nigeria’s youthful population.
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Obi said one of the most fulfilling parts of the visit was meeting young Nigerian professionals in the US, including doctors, lawyers, engineers, technology professionals, entrepreneurs, educators and business leaders.
He said many of them were excelling in their respective fields while remaining committed to the development of Nigeria.
“My message to them was simple: you are not outsiders to Nigeria’s future; you are an important part of it,” Obi said.
He described the knowledge, experience and innovation of Nigerians in the diaspora as “enormous national assets,” stressing the need to build a country that welcomes their contributions and provides every Nigerian with a meaningful opportunity to participate in national development.
Obi said his vision of a “New Nigeria” was one where “the son or daughter of a nobody can become somebody without knowing anybody,” adding that a person’s background should not determine their destination.
He also called for Nigeria to move from consumption to production, while investing in education, healthcare and human capital, supporting businesses, creating productive jobs and building an economy that gives young Nigerians reasons to believe in their future at home.
“Our young people should not have to leave Nigeria before their talents are recognised or their dreams become possible,” he said.
Obi also disclosed that he engaged with diaspora media, including NoireTV Network and Adeola Talks, during the visit, where he shared his views on building a more productive, secure and prosperous Nigeria.
Describing the visit as fulfilling, Obi said the work of building the country must continue.
“Our challenges are great, but our potential is greater. We have the people, the talent, and the resources to build a country where opportunity is not determined by who you know or where you come from, but by what you can contribute,” he said.
“That is the Nigeria we must build together — a Nigeria that works for everyone.
“A New Nigeria is POssible.”
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