Ajiya to Senate: NNPC Generated N54.5tn, so where did N210tn come from?

Former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), Umar Ajiya, has dismissed claims that ₦210 trillion is unaccounted for in the company’s books, describing the figure as inconsistent with NNPCL’s financial records and audited accounts.

Appearing before the Senate Committee on Public Accounts, Ajiya argued that the allegation was “mathematically impossible,” noting that NNPCL’s total revenue between 2017 and 2023 stood at about ₦54.5 trillion.

“There is no missing money. The ₦210 trillion being referenced is not supported by any cash flow records or revenue data within NNPC’s books,” he said.
According to him, the controversy arose from a misinterpretation of audit queries issued by the Office of the Auditor-General, stressing that such observations are routine reconciliation issues and not evidence of fraud or missing funds.

Ajiya warned that unverified financial allegations could damage Nigeria’s reputation and affect investor confidence, calling on the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to independently verify the disputed figures.
“When people claim ₦210 trillion is missing, the question should be: where is the evidence?” he asked.

The former NNPCL finance chief maintained that he remains available to provide documents and explanations to any authorised agency reviewing the company’s financial operations.