A coalition of professionals known as the Ajiyya Solidarity Forum has dismissed allegations that about N210tn is unaccounted for in the books of the Nigerian National Petroleum Company Limited.
Speaking to journalists on Thursday, the forum’s National Coordinator, Usman Hamza, described the claim as unrealistic and driven by political motives.
The group was reacting to comments by the Chairman of the Senate Public Accounts Committee, Senator Ahmed Wadada, who recently suggested that the national oil company could not explain transactions amounting to roughly N210tn.
Hamza argued that the figure does not align with Nigeria’s financial realities. According to him, the country’s entire national budget for 2024 was about N28.7tn, making it unreasonable to claim that a single institution misplaced a sum nearly eight times that amount.
He said the allegation could mislead the public and undermine trust in the country’s financial system.
The forum also criticised moves to issue arrest warrants against some former officials of the company, including its former Chief Financial Officer, Umar Ajiya. It described the development as part of a broader attempt to intimidate individuals linked to the organisation’s past leadership.
According to the group, the Senate committee may have misunderstood certain financial entries while reviewing the company’s accounts.
Hamza explained that some of the figures being interpreted as missing funds likely came from a combination of accrued expenses mostly joint venture liabilities and receivables owed to the company.
He noted that presenting receivables as missing funds creates a false impression that money has disappeared.
The forum further stressed that recent accusations fail to recognise reforms undertaken at the national oil company in recent years.
It pointed out that Ajiya served during the period when the corporation was transformed into a commercial entity under the Petroleum Industry Act, a process that introduced greater transparency and led to the publication of audited financial statements after decades without them.
The group also defended the N5.9bn reportedly spent on the transition from a government corporation to a limited liability company, explaining that the cost covered extensive legal, structural and administrative changes required for the reform.
Hamza warned that politicising the oversight process could harm Nigeria’s reputation among foreign investors, especially if investigations are portrayed as personal battles rather than professional scrutiny.
He called on the Senate leadership to initiate an independent ethics probe into claims that bribes were demanded during the ongoing oversight exercise.
The forum also urged lawmakers to avoid actions it described as harassment of officials who have already provided detailed technical responses to the committee.
Hamza emphasised that financial accountability should be pursued through careful analysis of verified records rather than sensational claims that may confuse the public.
