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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.
The Dangote Petroleum Refinery and Petrochemicals (DPRP) has announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel).
A company statement on Wednesday has it that the price reduction, which is part of reaffirmation of the company’s commitment to providing affordable, high-quality petroleum products to the Nigerian market is effective Thursday 6th of August, 2026.
Under the new pricing structure, the refinery has reduced the ex-depot price of PMS to N1,165 per litre, down from N1,215 per litre, representing a reduction of N50 per litre. Similarly, the ex-depot price of Diesel has been reduced to N1,570 per litre from N1,650 per litre, amounting to a decrease of N80 per litre.
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The price review reflects Dangote Refinery’s ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria. The refinery remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
Three people have lost their lives, while three others sustained varying degrees of injuries following a tragic road accident involving a crane and a truck along the Sagamu-Benin Expressway in Ogun State.
The fatal crash occurred at about 5:00 a.m. on Wednesday near Babcock Junction in Ikenne Local Government Area.
Confirming the incident, the spokesperson for the Ogun State Traffic Compliance and Enforcement Agency (TRACE), Babatunde Akinbiyi, said the accident involved a white Mercedes-Benz truck with registration number LG 59 BLF and a yellow crane without a registration number.
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According to Akinbiyi, preliminary investigations showed that the crane was travelling against traffic at excessive speed when it collided head-on with the oncoming truck.
He disclosed that six people—three males and three females—were involved in the crash.
“A total of three persons, comprising two males and one female, lost their lives, while three male victims sustained varying degrees of injuries,” Akinbiyi said.
He added that emergency responders from TRACE, the Federal Road Safety Corps (FRSC), the Nigeria Police Force, and a rescue team known as “Papa Oscar” swiftly arrived at the scene to rescue victims and manage the situation.
The injured victims were taken to the Babcock University Teaching Hospital for treatment, while the bodies of the deceased were deposited at the Olabisi Onabanjo University Teaching Hospital (OOUTH) morgue in Sagamu.
To ease traffic flow, authorities diverted vehicles from Delabo Junction to the second carriageway as efforts continued to evacuate the damaged vehicles from the highway.
Akinbiyi commiserated with the families of the deceased and cautioned motorists against dangerous traffic violations.
“Motorists should avoid route violation and driving against traffic, considering the grave consequences associated with such dangerous acts,” he said.
A businessman, Gbenga Collins, has told the House of Representatives Ad Hoc Committee investigating the Presidential Foreign Investment Promotion Council (PFIPC) that he paid ₦400 million to the council’s embattled Director-General, Adeniyi Adeyemi, to facilitate the award of a government contract.
Collins made the allegation on Wednesday while testifying before the committee probing the establishment and operations of the controversial council.
According to the businessman, he travelled to Abuja where he was officially received by Adeyemi in what he described as an atmosphere befitting the head of a government agency, a development that convinced him the council was legitimate.
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He told lawmakers that Adeyemi later handed him a contract award letter, the scope of work, and an agreement authorising his company to execute the renovation and furnishing of the Director-General’s official residence.
“He gave me a contract award letter, the scope of work and, at the same time, the agreement with my company to execute that refurbishment project and asked me to pay the sum of ₦400 million for the facilitation of that project to show my strength that I would be able to handle it and that it would also fast-track the mobilisation for the contract,” Collins told the committee.
Chairman of the ad hoc committee, Yusuf Gagdi, disclosed that Adeyemi’s continued absence from the hearings was because he is currently in police custody and is also being investigated by anti-graft agencies.
Gagdi further revealed that the committee intends to meet with Adeyemi discreetly as part of its ongoing investigation.
As part of the probe, the committee also summoned the Corps Marshal of the Federal Road Safety Corps (FRSC) over the alleged use of official Federal Government number plates on vehicles linked to the disputed council.
The House panel is investigating allegations that the PFIPC operated without lawful authority despite being captured in the 2026 Appropriation Act.
The probe followed allegations by Adeyemi that the Chief of Staff to the President, Femi Gbajabiamila, demanded 48 per cent of the council’s proposed ₦27.3 billion take-off grant. Adeyemi also alleged that the Chief of Staff received ₦400 million through a proxy and later requested an additional ₦200 million to facilitate presidential approvals.
Gbajabiamila has denied all the allegations, maintaining that he has no personal, official or professional relationship with Adeyemi.
He also rejected claims that he demanded or received money, interfered with investigations, or had any connection to allegations surrounding the death of Babatunde Tanimola or an alleged assassination attempt on Adeyemi.
Following the allegations, President Bola Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the matter.
The House of Representatives subsequently constituted a 12-member ad hoc committee to investigate the circumstances surrounding the establishment of the PFIPC, how it was included in the 2026 Appropriation Act, and the alleged allocation of about ₦1.3 billion to the council.
Meanwhile, the Director-General of the Budget Office of the Federation, Tanimu Yakubu, had earlier informed the committee that none of the funds appropriated for the PFIPC had been released or spent because the statutory conditions required for their disbursement and utilisation were never met.
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