Former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti, has told the Senate Committee on Public Accounts that there is no evidence to support allegations that N210 trillion disappeared from the Nigerian National Petroleum Company (NNPC) Limited’s 2023 audited accounts.
Appearing before the committee chaired by Senator Ibrahim Dankwambo, Wunti explained that the widely cited N210 trillion figure stemmed from a misunderstanding of accounting records rather than the disappearance of public funds.
He said the amount was arrived at by combining two separate balance sheet entries: about N107 trillion classified as receivables and roughly N103 trillion recorded as accrued liabilities. According to him, accounting standards require both figures to be reported independently because one represents money owed to the company while the other reflects obligations the company owes.
Wunti noted that after reviewing the 2023 audited financial statements at the committee’s request, he found no indication that N210 trillion was unaccounted for.
He also highlighted the complexity of NNPC’s financial reporting, explaining that the company operates as a commercial enterprise while simultaneously managing petroleum assets on behalf of the federation and carrying out strategic national energy responsibilities.
The former NAPIMS chief, who later served as Chief Offshore Investment Officer of NNPC Upstream Investment Management Services (NUIS), maintained that no case of fraud or missing funds was recorded during his tenure.
Addressing reports that N5.8 billion was spent on incorporating NNPC under the Petroleum Industry Act (PIA), Wunti said the actual statutory payments made to government agencies amounted to about N2.45 billion. He explained that the higher figure resulted from the way the transaction was recorded in different accounting books for reporting purposes, stressing that the funds were paid directly to government institutions.
He called for stronger collaboration among NNPC, the Office of the Accountant-General of the Federation and the Office of the Auditor-General of the Federation to improve understanding of the company’s accounting framework and financial reporting processes.
Speaking during the session, Committee Chairman Senator Ibrahim Dankwambo said the panel had not established that any funds were missing from NNPC’s accounts. He noted that the ongoing review is aimed at ensuring transparency and properly interpreting the company’s audited financial statements rather than validating allegations of financial mismanagement.
The committee said it would examine Wunti’s submissions alongside the 2023 audited accounts before deciding whether further clarification would be required as its review continues.
