…Seeks EFCC, NFIU Independent Probe Of Senate Committee’s Claims
Former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), Umar Ajiya, has firmly rejected claims of an unaccounted N210tn linked to the company, insisting that the figure is inconsistent with its financial records, audited statements, and actual revenue performance.
Ajiya, who appeared before the Senate Committee on Public Accounts, described the allegation as “mathematically impossible,” arguing that it does not align with any cash flow records or revenue data contained in NNPCL’s books.
He said the total revenue generated by the company between 2017 and 2023 stood at about ₦54.5tn, stressing that it would be financially impossible for a figure nearly four times higher to be classified as unaccounted funds.
“To be clear, there is no missing money,” Ajiya told lawmakers. “The ₦210tn being referenced is not supported by any cash flow records or revenue data within NNPC’s books. Even the entire revenue for the period is about ₦54.5tn. So the idea that ₦210tn is unaccounted for is not consistent with financial reality.”
He insisted that the controversy stems from a misinterpretation of audit queries raised by the Office of the Auditor-General, noting that such queries are standard reconciliation issues meant to improve reporting accuracy and not evidence of fraud or missing funds.
Ajiya further stressed that NNPCL’s audited financial statements, which have been published in recent years, remain the most reliable reference point for assessing the company’s financial position, adding that they reflect independently verified accounts.
He also noted that for over four decades, the company’s accounts were not consistently available in a fully transparent and publicly audited form, but said recent reforms had changed that trajectory.
According to him, the publication of audited accounts now provides clear visibility into the company’s finances and significantly reduces the possibility of undetected large-scale discrepancies.
Ajiya warned that the circulation of inflated or unverified financial figures could have serious reputational consequences for Nigeria and its economy.
“Unfounded claims do real damage,” he said. “They harm the reputations of individuals, institutions, and ultimately Nigeria itself. International rating agencies use public information to assess countries. When inaccurate figures circulate without verification, it can affect perceptions and even influence financing decisions.”
He added that in previous instances, misinterpretation of financial or project-related data had contributed to delays in securing international financing for critical infrastructure projects, urging caution in handling sensitive fiscal allegations.
The former CFO called on relevant investigative and financial oversight bodies, including the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU), to independently verify the disputed figures.
He said only a structured forensic review based on audited records and financial statements could conclusively resolve the controversy and restore public confidence.
“When people claim ₦210tn is missing, the question should be: where exactly is the evidence?” he said. “This is why agencies like the NFIU and EFCC should be involved to conduct proper verification so Nigerians can see the facts clearly.”
Ajiya maintained that he remained fully available to provide documents and explanations to any authorised institution reviewing NNPCL’s financial operations.
(The Whistler)
