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 Federal Government has declared that it cannot tackle Nigeria’s growing social and humanitarian challenges alone, urging faith-based organisations, the private sector, civil society groups and patriotic citizens to join hands in addressing the country’s worsening poverty crisis.

The call was made on Friday in Abuja during the unveiling of the Knights of St. Mulumba (KSM) Nigeria’s N2 billion Endowment Fund and Integrated Charity Programme, an initiative designed to provide sustainable funding for humanitarian interventions, education, healthcare, legal aid, support for widows and orphans, correctional services and emergency relief.

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The appeal comes amid rising inflation and deepening economic hardship that have left more Nigerians relying on churches, mosques and charitable organisations for survival, stretching the capacity of both government and voluntary groups.

Representing the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, the Chairman of the House Committee on Christian Pilgrimage Affairs, Hon. Festus Adefiranye, said solving Nigeria’s social challenges requires collaboration beyond government.

“Government alone cannot solve every social challenge confronting our nation. Sustainable national development requires a genuine partnership among public institutions, faith-based organisations, the private sector and civil society.

“Today’s event goes beyond the unveiling of an endowment fund. It is a reaffirmation of the enduring values of compassion, sacrifice, true worship and solidarity upon which every prosperous society is built.”

Abbas also commended the Knights of St. Mulumba for over seven decades of contributions to education, healthcare, youth development, justice and humanitarian services.

He praised the structure of the endowment fund, saying: “I am particularly encouraged that the endowment fund adopts a sustainable financial model, preserving capital while disbursing investment returns to support humanitarian causes year after year. This is a model of prudent stewardship and institutional resilience that deserves emulation by many charitable organisations.”

Also speaking, the Secretary to the Government of the Federation (SGF), Senator George Akume, represented by his Special Assistant, Simon Tyungu, said Nigeria’s development challenges demand innovative solutions and stronger partnerships.

“Government alone cannot address every developmental challenge. Lasting progress can only be achieved through strong partnerships involving faith-based organisations, the private sector, civil society and patriotic citizens committed to the common good.”

Describing the initiative as more than just a financial scheme, Akume added: “It represents the institutionalisation of compassion, the sustainability of charity and the deliberate investment in humanity. It is a bold declaration that genuine service to God must find practical expression in service to mankind.”

He urged philanthropists, corporate organisations and well-meaning Nigerians to support the initiative, describing every contribution as “an investment in hope, dignity and a more compassionate society.”

Kogi State Governor Ahmed Usman Ododo, represented by the Secretary to the State Government, Mrs. Folashade Ayoade, pledged support for the programme and encouraged Christian, Muslim and traditional faith organisations to establish similar initiatives for widows, orphans, displaced persons and other vulnerable Nigerians.

“Government cannot do this alone. Nor should it.”

Earlier, the Worthy Supreme Knight of KSM Nigeria, Sir Steve Adehi (SAN), said worsening economic conditions and declining membership contributions prompted the organisation to establish the endowment fund.

According to him, the Order, founded in 1953, has spent over seven decades supporting communities through education, healthcare, legal assistance, humanitarian services and women empowerment programmes.

“Our Order was founded in 1953. In its 73 years of existence, the Order has impacted communities through education, healthcare, humanitarian services, legal assistance and women empowerment programmes.

“As our society is advancing and our economic situation deteriorating, the need for these interventions has increased. These interventions have mostly been funded through dues and levies from members.

“Our membership strength is dwindling owing to death, age and economic decline. In order to respond to these increasing demands, we have to look for alternative ways of funding our charitable works.”

Adehi explained that the endowment fund would permanently change the way the organisation finances its charity programmes.

“We are building a permanent, professionally managed fund. We will keep its baseline capital entirely intact forever. Going forward, we will finance our charity programmes exclusively with the investment income generated by this fund, ensuring we never use the fund’s core capital. Instead, we will continue to grow the capital.”

He disclosed that the Order aims to raise an initial N2 billion, with contributions expected from members, corporate organisations and development partners.

To protect the fund, he said the organisation would amend its constitution to prevent present and future leaders from accessing the principal amount, while investment proceeds would be used to finance healthcare outreach, scholarships, humanitarian relief, legal services, correctional centre interventions, social justice advocacy and emergency support for communities affected by economic or ecological hardship.

“What we build today will serve the Church, strengthen communities and speak for us long after our time on earth has passed,” he added.

The Federal Government has taken a major step to strengthen oversight of Nigeria’s cryptocurrency and digital assets sector following the signing of a new Executive Order by President Bola Tinubu.

The Presidential Executive Order on Virtual Assets Coordination, 2026, which takes immediate effect, establishes a coordinated regulatory framework aimed at improving oversight, tackling financial crimes, and encouraging responsible innovation within the country’s growing virtual assets industry.

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The announcement was made on Friday in a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, who said the initiative would harmonise the regulation of virtual assets while enhancing collaboration among key financial and security agencies.

According to the Presidency, the rapid growth of virtual assets has blurred the traditional boundaries between currencies, commodities, securities, and money, creating regulatory gaps that have exposed Nigeria to fraud, cybercrime, money laundering, terrorism financing, and revenue leakages.

“Too often, unregistered and fraudulent operators have exploited these gaps to prey on unsuspecting Nigerians, costing families their savings,” the statement read.

To address these challenges, the Executive Order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairpersons.

The Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA) will also serve on the council.

The council is expected to provide policy direction, strengthen cooperation among participating agencies, and work with the Attorney-General of the Federation to develop a harmonised legal and institutional framework for regulating virtual assets in Nigeria.

The Executive Order also creates a Virtual Asset Office, which will be domiciled at the CBN to coordinate information sharing, applications, and reporting among relevant institutions.

The Presidency stressed that the framework does not establish a new regulator or remove the statutory powers of existing agencies.

“Significantly, the Order does not create a new regulator or transfer powers between agencies. Each institution retains its full statutory mandate and independence, and the framework coordinates their work rather than replacing it,” the statement added.

Under the new arrangement, the SEC will continue regulating virtual assets classified as securities, while the CBN will oversee payment, settlement, custody, and other services involving non-security virtual assets.

Where regulatory jurisdiction is unclear, the Virtual Asset Council will determine the appropriate supervising agency.

As part of the reforms, the CBN is also set to launch a regulatory sandbox that will allow qualified operators to test blockchain-based services, virtual asset products, and other innovations under regulatory supervision before they are introduced into the wider market.

The Nigeria Revenue Service will also roll out a tax policy specifically for the virtual assets industry to clarify the application of existing tax laws and improve voluntary compliance.

Meanwhile, the Federal Government disclosed that it is finalising a Virtual Assets White Paper to outline Nigeria’s long-term policy direction for the sector.

The newly inaugurated Virtual Asset Council has been given 30 days to develop a harmonised implementation framework to facilitate the execution of the presidential directive.