No ₦210trn Missing From NNPC, Bala Wunti Tells Senate

Bala Wunti, the former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), has strongly refuted claims that ₦210 trillion is missing from the Nigerian National Petroleum Company Limited (NNPC Ltd.). Speaking before the Senate Committee tasked with reviewing the company’s 2023 audited accounts, Wunti emphasized that a rigorous, detailed examination of the official financial statements revealed absolutely no evidence of missing or unaccounted-for funds. He assured the lawmakers that the corporation’s financial records are complete and completely accurate.

Addressing the lawmakers, Wunti clarified that the widely circulated allegations stem entirely from a fundamental misinterpretation of complex accounting principles rather than any actual financial misconduct or systemic fraud. He explained that individuals unfamiliar with the intricate structure of corporate financial reporting had wrongly analyzed the audited books, mistaking standard accounting entries for discrepancies. By clearing up the misunderstanding, Wunti underscored the integrity of NNPC Ltd.’s financial reporting and urged the public to rely on verified, professional audits rather than speculative narratives.

Addressing lawmakers, the former NAPIMS chief clarified that his independent review of the audited statements found absolutely no trace of the rumored ₦210 trillion discrepancy.

“I have gone through this document page by page. I have not found where N210 trillion was mentioned,” Wunti told the committee.

He explained that the disputed amount emerged after two completely different balance-sheet entries were incorrectly combined and presented as missing money.

According to him, about N107 trillion represented sundry receivables—funds owed to NNPC Ltd. by third parties—while another N103 trillion reflected accrued expenses, which are liabilities the company is obligated to pay.

Wunti stressed that under globally accepted accounting standards, the two entries serve entirely different purposes and cannot be merged to suggest that funds had disappeared.

“Receivables are money other people owe you. Accrued expenses are money you owe other people. Accounting standards require these items to be reported separately. They cannot simply be added together and described as missing money,” he said.

Based on his review of the audited financial statements, Wunti declared under oath that there was no factual basis for allegations that N210 trillion had vanished from NNPC Ltd.’s books.

The Senate committee had invited Wunti, who previously supervised upstream investments at NNPC, to conduct an independent assessment of the company’s 2023 audited accounts and present his findings.

Although he noted that his tenure did not cover the entire period under review, Wunti said it substantially overlapped with the years captured in the audit, giving him firsthand knowledge of the accounting framework, financial reporting processes and operational structure of the national oil company.

He also sought to explain what he described as the unique accounting framework of national oil companies, saying NNPC Ltd.’s financial reporting is more complex than that of conventional commercial enterprises.

According to him, unlike private corporations, NNPC Ltd. simultaneously functions as a commercial business, serves as custodian of Nigeria’s oil and gas assets on behalf of the Federation and performs strategic national energy security responsibilities.

These multiple roles, he explained, require separate accounting records and reporting frameworks, making the company’s audited financial statements more intricate than those of ordinary corporate organisations.