CFO to Senate: NNPC made N54.5tn in seven years, N210tn missing funds claim doesn’t add up

FORMER Chief Financial Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mr Umar Ajiya, has challenged allegations that N210 trillion is missing from the company’s accounts, insisting that the claim is not supported by the corporation’s financial records.

Speaking before the Senate Committee on Public Accounts, Ajiya said the figure being cited is inconsistent with NNPC’s audited financial statements and revenue profile. He argued that the allegation does not stand up to basic financial scrutiny.

According to the former finance chief, NNPC generated a total revenue of about N54.5 trillion between 2017 and 2023, making claims of N210 trillion in unaccounted funds impossible to reconcile with the company’s books.

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‘There is no missing money. The N210 trillion being referenced is not supported by any cash flow records or revenue data within NNPC’s books,” Ajiya told lawmakers.

He explained that the controversy stemmed from audit queries raised by the Office of the Auditor-General, noting that such observations are common during financial reviews and should not be interpreted as proof of fraud or missing funds.

Ajiya further cautioned against making unverified financial claims, warning that they could undermine investor confidence and damage Nigeria’s reputation in the international business community.

He urged agencies such as the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to independently examine the disputed figures and establish the facts.

“When people claim N210 trillion is missing, the question should be: where is the evidence?” he asked.

The former NNPC CFO also stated that he is prepared to cooperate with any authorised investigation and provide all necessary documents and clarifications regarding the company’s financial operations.