Oshiomole defends N210trn NNPC Ltd probe

…insists missing fund must be accounted for

The Chairman of the Senate Committee on Public Accounts (PAC), Senator Adams Oshiomhole, on Friday, defended the ongoing probe of the Nigerian National Petroleum Company Limited (NNPCL), insisting that demanding accountability over public funds should not be misconstrued as hostility towards the administration of President Bola Tinubu.

Oshiomhole, who spoke in Akure, Ondo State, maintained that the Senate committee was duty-bound to investigate issues raised in NNPCL’s audited financial statements, particularly concerns surrounding over N210 trillion in transactions captured in reports covering the period between 2017 and 2023.

The former Edo State governor dismissed suggestions that his actions had become an embarrassment to the government, stressing that he remained fully committed to the success of President Tinubu’s administration and Nigeria’s overall development.

According to him, the essence of democracy is the ability of citizens and public institutions to ask difficult questions and demand accountability from those entrusted with public resources.

He said, ‘What I am saying demonstrates the beauty of democracy. Under military rule, I could not have made such statements and returned home freely.

“Democracy gives us the opportunity to ask questions, seek explanations and ensure accountability in the management of public funds.”

His remarks came amid recent controversies surrounding the committee’s investigation of the national oil company and the Senate’s decision to distance itself from some comments attributed to him, including an order for the arrest of former NNPCL Group Chief Executive Officer Mele Kyari.

Defending the committee’s actions, Oshiomhole said NNPCL officials repeatedly failed to honour invitations to explain observations and queries contained in the company’s audited reports prepared by internationally recognised auditing firms.

He explained that the figures under scrutiny were not generated by politicians or members of the National Assembly but originated from the company’s own audited financial records.

“The reports raised serious concerns regarding transactions amounting to about N210 trillion. Some people argued that such figures were impossible, but I described them as mind-boggling because they required proper explanations,” he stated.

The senator noted that the Nigerian Constitution and existing financial regulations require government agencies and public corporations to submit their accounts to the Auditor-General, who subsequently forwards them to the National Assembly for legislative scrutiny.

“The figures did not come from politicians. They came from professional auditors engaged to review the accounts. Once auditors indicate that explanations are inadequate, the National Assembly has a constitutional responsibility to seek clarification,” he said.

Oshiomhole disclosed that NNPCL officials informed the committee that over N107 trillion had been lodged in financial institutions that later became insolvent, resulting in the disappearance of the funds.

According to him, the committee requested details of the affected banks and the amounts involved in each case but had yet to receive satisfactory explanations.

He further stated that another N103 trillion was allegedly linked to transactions involving petroleum marketers, tanker operators and other entities.

Oshiomhole said attempts by some officials to dismiss concerns by insisting that no money was missing did not address the issues raised in the audit reports.

He queried that “we asked for the names of those involved, the value of the transactions and documentary evidence to support the claims. If a rat passes through a room, it leaves traces. How can trillions of naira disappear without any trail?”

“If the auditors themselves say the explanations provided are insufficient, then it becomes the responsibility of parliament to ask further questions. That is exactly what we are doing.”

Responding to criticism that the probe could undermine the current administration, Oshiomhole argued that the transactions being investigated occurred between 2017 and 2022, before President Tinubu assumed office.

He said, “I am fully committed to President Bola Tinubu’s administration and the progress of Nigeria. The issues under investigation predate this government.

“In fact, if the current administration removed some of the officials associated with those transactions, it may indicate dissatisfaction with how matters were handled in the past,” he said.

On the issue of fuel subsidy, the senator explained that his position evolved as the financial burden on the nation increased dramatically over the years.

According to him, he had opposed subsidy removal under previous administrations when the cost was relatively lower but later supported its abolition after it became clear that the system had become financially unsustainable.

“Before President Tinubu came to office, I was among those who opposed fuel subsidy removal under previous administrations because the cost was still measured in billions of naira.

However, over time, the figures escalated into trillions annually. It became increasingly clear that the subsidy regime had become a channel through which enormous sums of public money could be diverted.

“At that point, many of us concluded that the arrangement was no longer sustainable and that difficult decisions had to be taken in the national interest.”

He stressed that transparency, accountability and prudent management of public resources remain critical to strengthening public confidence in democratic governance and ensuring sustainable economic growth.