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Bala Wunti Debunks Allegations of Missing N210trn from NNPC Ltd Accounts

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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.

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Umar Cautions Against Irregular Policies in Nigeria’s Oil Industry

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A public warning has gone to the authorities to desist from frequently tweaking with the regulatory environment, as it could undermine investments in Nigeria’s petroleum industry.

The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Rabiu Umar, expressed the view on Wednesday in which he highlighted the importance of predictable regulation to the development of Nigeria’s midstream and downstream petroleum sectors.

According to Umar, investors were prepared to manage commercial risks but found regulatory uncertainty more difficult to accommodate, stressing that clear, consistent and predictable rules were critical to attracting and retaining capital.

“Investors are prepared to manage commercial risk. What they find far more difficult is regulatory uncertainty,” he said.

According to him, government efforts to provide fiscal incentives, financing support and policy reforms to encourage investment could achieve little if investors were unsure how the regulatory system would operate in practice.

Umar said investors wanted assurances that rules were clear, decisions were consistent and regulatory processes were predictable, adding that such confidence could influence investment decisions as much as commercial considerations.

He noted that the issue was particularly important in the midstream and downstream sectors, where investments in refineries, pipelines, storage facilities and gas infrastructure were designed to operate over many years.

“Investments in refineries, pipelines, storage facilities and gas infrastructure are designed to operate over many years. Investors need confidence that the regulatory environment will remain stable, consistent and credible throughout the life of those assets,” he said.

The NMDPRA boss said the Petroleum Industry Act had provided the industry with a strong legal and regulatory framework based on transparency, competition and accountability.

READ ALSO: Ogoni Committee Washes Hands Off Contracts, 40 NNPC Ltd’s Job Slots

He said the responsibility of the NMDPRA is to ensure that those principles are reflected in its day-to-day regulatory activities.

Umar, who said he had spent nearly three decades on the commercial and operational side of the downstream petroleum industry before joining the Authority, said he understood the concerns investors raised before committing capital.

He listed timely approvals, consistent application of regulations and fair and predictable decisions by institutions among the key issues investors considered.

The NMDPRA chief executive further stated that effective regulation went beyond issuing licences and enforcing compliance, as it should provide certainty and create an environment where businesses could plan and investment could grow.

He said the authority was strengthening collaboration with other government institutions, noting that effective regulation depended not only on good policies but also on consistent implementation.

“When institutions work together, the industry experiences a more coordinated and predictable regulatory environment,” he said.

Umar said the implementation of reforms would ultimately determine the confidence investors had in Nigeria’s regulatory system.

“The true measure of any reform is how it is implemented. Every licence issued, every inspection conducted and every regulatory decision contributes to confidence in the regulatory system,” he stated.

He assured stakeholders that the agency would carry out its mandate fairly, consistently and transparently to support responsible investment and the continued development of Nigeria’s midstream and downstream petroleum industry.

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Tinubu Swears In Abel Enitan as New Head of Civil Service

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President Bola Tinubu has sworn in Abel Enitan as the new Head of the Civil Service of the Federation (HOCSF), following the retirement of his predecessor, Didi Walson-Jack.

Enitan took the oath of office on Thursday at a brief ceremony held at the State House in Abuja, formally assuming the top administrative position in Nigeria’s Federal Civil Service.

SEE MORE: Tinubu Banks on NLNG Train 7 to Boost Nigeria’s Gas-led Economy

His assumption of office followed Walson-Jack’s retirement after attaining the statutory retirement age of 60.

The formal transfer of responsibility also took place on Thursday, as Walson-Jack and Enitan signed the relevant official documents before the outgoing Head of Service handed over the official transition note to her successor.

Presenting the document, Walson-Jack said it covered the period from August 14, 2024, to August 27, 2026.

The handover was subsequently sealed with a handshake between the outgoing and incoming Heads of Service.

Enitan, an indigene of Osun State, became the most senior Permanent Secretary in the Federal Civil Service before his appointment as Head of Service.

He had served as a Permanent Secretary for seven years and seven months, during which he held senior positions in several government establishments.

His previous postings included the Ministry of Police Affairs, Ministry of Humanitarian Affairs and the Office of the Vice President, before his deployment as Permanent Secretary in the Federal Ministry of Education.

President Tinubu had on August 19, 2026, approved Enitan’s appointment, with the decision taking effect on August 27.

While announcing the appointment, Tinubu said Enitan brought “considerable institutional experience and a deep understanding of how the Federal Civil Service works” to the position.

The President charged the new Head of Service to consolidate ongoing reforms and innovations in the civil service while deepening professionalism, efficiency and accountability across the system.

Tinubu also tasked Enitan with ensuring that the Federal Civil Service remained professional, merit-driven, innovative and responsive to the needs and aspirations of Nigerians.

According to the President, the new Head of Service must build on existing reforms to strengthen the capacity of the service to deliver effective and efficient public administration.

The President also commended Walson-Jack for her service to the nation, particularly the reforms and innovations recorded in the Civil Service during her tenure.

Walson-Jack assumed office as Head of the Civil Service of the Federation in August 2024 and retired after completing her statutory service.

Who is Abel Enitan?

Enitan was born on December 12, 1966, and began his education at Ajibode Grammar School, Ibadan, before proceeding to the College of Arts and Science, Ile-Ife.

He obtained a Bachelor of Science degree in Finance and Banking from the University of Lagos in 1988 before joining the Federal Civil Service.

His extensive experience across several ministries and government institutions culminated in his emergence as the most senior Permanent Secretary before his appointment as Head of Service.

 

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Ogoni Committee Washes Hands Off Contracts, 40 NNPC Ltd’s Job Slots

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The Ogoni Dialogue Committee (ODC) has washed its hands off allegations that it influenced the selection of 40 employment slots Ogoni people at the Nigerian National Petroleum Company Limited (NNPC Ltd) as part of the ongoing process for resumption of oil production in the area.

The ODC maintains that it had no role in the recruitment process, the committee, which is engaging the Federal Government on the resumption of oil and gas operations in Ogoniland, also denied allegations that it was awarded contracts or received funds from the Federal Government.

Speaking in Port Harcourt, Rivers State, on Wednesday, the ODC Chairman, Prof. Don Baridam, described the statements attributed to KAGOTE and other groups as false and misleading.

READ ALSO: DPRP Decries Rising Fuel Imports, Despite Strong Local Supply Capacity

He said the employment opportunities were among the confidence-building measures proposed by the Ogoni delegation to the Federal Government, but stressed that the ODC neither selected nor recruited the beneficiaries.

According to Baridam, NNPC Ltd drew the successful candidates from a pool of qualified Ogoni applicants already in its recruitment database, rather than from nominations made by the committee.

He said, “When the issue of employment was raised, NNPC Ltd made it clear that it would not compromise its established professional and recruitment standards.

“The company informed us that it already had in its recruitment database several qualified Ogoni sons and daughters who had previously applied, undergone its recruitment processes and performed well.”

He acknowledged that some ODC members submitted names of persons they wanted for employment, but said those nominations did not determine the outcome.

He said, “The recruitment and selection process did not pass through the ODC, nor did the ODC determine who was employed.”

He added that suggestions that the committee or its facilitators distributed the jobs as patronage were false.

The ODC also dismissed claims that it was involved in awarding or allocating government and NNPC Ltd contracts.

Baridam said contract awards were outside the committee’s mandate and that it lacked the authority or machinery to influence such decisions.

“At no time did the ODC award, allocate, distribute or otherwise become involved in contracts,” he said.

On reports of renewed oil activities in Ogoniland, the committee said it had no information indicating that oil and gas production had resumed under the Ogoni re-entry programme.

Baridam added that NNPC Ltd had said it was unaware of the alleged oil-rig operations, but said investigations into the reported activities in Alesa-Eleme were ongoing.

The committee also denied receiving any budget, grant or other funds from the Federal Government, describing its participation in the dialogue process as a sacrifice and service to the Ogoni people.

On the proposed creation of Bori State, Baridam said state creation remained a key demand presented to the Federal Government.

He said the committee had established a tactical sub-committee to work on the modalities, while acknowledging that the process must follow constitutional procedures.

Baridam said the dialogue process had advanced to efforts to harmonise outstanding issues arising from the ODC report, the Federal Government’s response and a technical committee’s report.

He said a Joint harmonization committee, comprising representatives of the Federal Government and Ogoni, was being considered to develop an interim memorandum of understanding on areas of agreement.

The ODC appealed to KAGOTE and other Ogoni stakeholders to use available channels for constructive engagement, saying it remained open to contributions that could strengthen the dialogue process and advance peace, environmental restoration and development in Ogoniland.

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