The Socio-Economic Rights and Accountability Project (SERAP) has recently issued a 7-day ultimatum to Senate President Godswill Akpabio, demanding the public disclosure of officials allegedly linked to ₦210 trillion in unaccounted funds at the Nigerian National Petroleum Company Limited (NNPCL).
The Senate’s Public Accounts Committee, led by Senator Ahmed Wadada, has been investigating NNPCL’s financial records from 2017 to 2023. The ₦210 trillion figure is composed of two massive, unreconciled categories, ₦103 Trillion Recorded as “accrued expenses” (joint venture costs and operational expenses) and ₦107 Trillion Classified as “receivables, subsidies, and other financial obligations.”
The Committee found these figures lacked supporting documentation and contradicted the NNPCL’s own revenue reports from the same period.
SERAP’s “fire” comes from the perception that the investigation is being delayed or handled opaquely. In a letter dated March 21, 2026, SERAP demanded that the Senate discloses the names and designations of all officials (past and present) implicated in the audit discrepancies.
SERAP also demanded that the Senate make audit reports, financial records, and minutes of the proceedings public to allow for independent scrutiny.
SERAP noted that NNPCL officials have repeatedly failed to appear before the committee, and they warned that if the Senate does not act within 7 days, they will pursue legal action.
The Committee has summoned former Group CEO Mele Kyari, former CFO Umar Ajiya, and former NAPIMS head Bala Wunti to appear alongside current management.
The Senate has recommended that the Office of the Auditor-General conduct a full forensic audit of NNPCL’s financial statements.
The Committee previously directed NNPCL to refund the ₦210 trillion to the Federation Account until the funds can be properly justified.
