NNPC Missing Funds Claim of N210 Trillion Dismissed

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

Wunti explained that the controversial figure stemmed from a fundamental misunderstanding of accounting principles, with approximately N107 trillion representing various receivables and N103 trillion reflecting accrued expenses. He emphasized that the claims lacked factual basis and were based on erroneous combinations of balance sheet entries.

Wunti, who served as the Chief Offshore Investment Officer for NNPC's upstream investment management services until December 2024, confirmed that there were no reports of fraud or missing funds during his stewardship. He also clarified that N5.8 billion spent on incorporating NNPC Ltd was statutory payments made to the Corporate Affairs Commission and the Federal Inland Revenue Service, urging closer collaboration among relevant offices to enhance understanding of the company's financial framework.