A coalition of professionals under the Ajiyya Solidarity Forum has dismissed allegations that about N210tn is missing from the accounts of the Nigerian National Petroleum Company Limited (NNPC).
Addressing journalists on Thursday, ASF National Coordinator, Usman Hamza, described the claim as “mathematically impossible” and politically motivated.
The group’s position is in response to a recent claim by the Chairman of the Senate Public Accounts Committee, Ahmed Wadada, that the NNPC Limited could not account for about N210tn.
Hamza said such a figure was misleading.
“Senator Wadada’s claim of N210tn ‘unaccounted for’ funds is a mathematical impossibility designed to shock the public,” Hamza said.
He argued that the claim did not align with Nigeria’s fiscal reality, noting that the country’s entire 2024 national budget stood at about N28.7tn.
“To suggest that a single entity ‘lost’ nearly eight times the national budget is an insult to the intelligence of Nigerians,” he added.
The forum also condemned threats of arrest warrants against former officials of NNPCL, including former Chief Financial Officer, Umar Ajiya, describing the move as part of a coordinated campaign of political blackmail.
According to the group, the Senate committee may have misinterpreted financial figures by combining accrued expenses and receivables in a way that falsely suggests missing funds.
“We consider that the committee has erroneously ‘netted’ N103tn in accrued expenses, largely joint venture liabilities, with N107tn in receivables owed to NNPCL. Labelling money owed to a company as ‘missing funds’ is a professional travesty,” Hamza stated.
During the ongoing review of the financial records of Nigerian National Petroleum Company Limited, the Senate Public Accounts Committee, chaired by Wadada, had raised concerns over alleged discrepancies running into trillions of naira.
The ASF maintained that the allegations ignored the broader financial and structural reforms undertaken by the national oil company in recent years.
Furthermore, Hamza mentioned that the tenure of former CFO Ajiya coincided with the transition of the national oil firm into a commercial entity under the Petroleum Industry Act, a reform that ended decades of opaque financial reporting.
“Mr Ajiya’s tenure saw the transition of NNPC into a commercially driven entity and the publication of the first audited financial statements in 43 years,” the forum stated.
ASF defended the N5.9bn cost incurred during the transition process of NNPC to NNPC Limited, saying it covered complex legal and structural reforms required to transform the former state corporation into a limited liability company.
The forum warned that politicising the Senate’s oversight role could damage Nigeria’s credibility in the eyes of international investors.
“Using the Senate’s hallowed chambers to pursue personal vendettas damages Nigeria’s reputation with international investors,” Hamza said.
The forum further called on the leadership of the Senate to institute an independent ethics investigation into what it described as an alleged demand for bribes linked to the ongoing oversight process.
“We call on the Senate leadership and its Ethics Committee to investigate the alleged bribe demand connected to this oversight exercise,” he said.
He urged lawmakers to stop what he described as the harassment of officials who have already submitted several technical responses to the committee.
“Public accountability should be pursued through a sober forensic review of facts, not through sensational claims and phantom numbers,” he added.
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