Bala Wunti Denies N210 Trillion Missing Funds Claim

Bala Wunti, the former Group General Manager of Nigerian National Petroleum Investment Management Services (NAPIMS), addressed the Senate regarding allegations of N210 trillion missing from the Nigerian National Petroleum Company (NNPC) Ltd's accounts. He stated that a meticulous review of the company's 2023 audit financial statement revealed no discrepancies.

Wunti explained that the controversial figure arose from a fundamental misunderstanding of accounting principles, noting that approximately N107 trillion represented various receivables owed to NNPC Ltd, while N103 trillion reflected accrued expenses. He emphasized that these amounts should not be combined to suggest missing funds.

Wunti declared under oath that there was no factual basis for the claim of N210 trillion disappearing from the company's books. He also disputed a report regarding N5.8 billion spent on incorporating NNPC Ltd, clarifying that actual statutory payments made amounted to N2.45 billion.

Wunti urged for closer collaboration among NNPC Ltd, the Office of the Accountant General, and the Office of the Auditor General to enhance understanding of the company's accounting framework.