A group known as the North and South Movement for Justice has cautioned the Chairman of the Senate Committee on Public Accounts, Ahmed Wadada, over the ongoing probe into the alleged N210 trillion discrepancies in the accounts of the Nigeria National Petroleum Company Limited, urging the committee to conduct its investigation with caution and fairness.
The group, led by Dogo Yaya, criticized the 10-day ultimatum issued to the national oil company by the Senate committee, warning that the manner in which the investigation is being conducted could mislead the public and create the impression that a verdict had already been reached.
The Senate Committee on Public Accounts, chaired by Wadada, had earlier demanded that the Nigeria National Petroleum Company Limited account for N210 trillion in alleged “missing” or unexplained funds and fees recorded between 2017 and 2023. The committee described the discrepancies as “mind-boggling and unacceptable,” and issued 11 major financial queries to the company, giving it a 10-day deadline to respond.
The committee also warned that failure by the company to provide satisfactory explanations within the stipulated period would result in what it described as “serious constitutional consequences,” a statement that has since generated debate among political observers, industry stakeholders, and civil society groups.
Reacting to the development, the North and South Movement for Justice said the probe should not be turned into what it described as a public trial. The group alleged that the tone and approach of the committee suggested bias and called for a more transparent and professional process.
In a statement, the group said the probe should remain an investigative exercise and not be presented in a way that suggests guilt before the conclusion of the investigation. The group further argued that public confidence in the investigation would depend on fairness, due process, and proper interpretation of financial records.
The group’s leader, Dogo Yaya, was quoted as saying that the committee’s actions risked creating unnecessary tension and confusion among Nigerians, especially given the size of the figure involved. He noted that financial discrepancies do not automatically translate to missing funds, explaining that such figures could arise from accounting classifications, liabilities, subsidies, operational costs, and other financial structures common in the oil and gas sector.
However, in response to the criticism, Ahmed Wadada maintained that the committee’s investigation was based strictly on official records. He explained in an interview that the figures being questioned were contained in reports from the Office of the Auditor-General of the Federation as well as the audited financial statements of the Nigeria National Petroleum Company Limited.
Wadada insisted that the committee was performing its constitutional oversight responsibility and that the objective of the probe was to ensure transparency, accountability, and proper management of public resources. He emphasized that the committee was not accusing the company of theft but was simply asking for explanations regarding the discrepancies identified in official financial documents.
The ongoing probe has attracted widespread attention due to the huge amount involved and the strategic importance of the oil sector to Nigeria’s economy. The Nigeria National Petroleum Company Limited is Nigeria’s state-owned oil company and plays a central role in the country’s revenue generation, foreign exchange earnings, and energy supply.
Analysts say the outcome of the investigation could have significant implications for public finance transparency and governance in Nigeria’s oil sector. They also stress that clarity is needed to determine whether the figure represents actual missing funds, accounting discrepancies, unpaid liabilities, or other financial obligations.
As the 10-day deadline approaches, attention is now focused on the response of the Nigeria National Petroleum Company Limited and the next steps to be taken by the Senate Committee on Public Accounts. Observers say the situation highlights the need for stronger financial oversight, improved transparency in public institutions, and better communication to the public on complex financial matters.
The controversy surrounding the alleged N210 trillion discrepancies continues to generate debate across the country, with many Nigerians calling for a thorough, transparent and unbiased investigation that will clarify the situation and ensure accountability where necessary.
