Forum reject Sen. Wadada’s claim on N210 trillion NNPC funds
The Ajiya Solidarity Forum (ASF) has rejected the claim made by Sen. Ahmad Wadada on alleged N210 trillion discrepancy in the accounts of the Nigerian National Petroleum Company Limited (NNPCL).
This is contained in a statement signed by Mr Hamza Usman, the National Coordinator ASF and made available to the newsmen on Monday in Sokoto.
According to the statement, ASF is a coalition of professionals and stakeholders committed to transparency and the defense of public institutional integrity.
ASF described the allegation as a mirage and cautioned against political theatre in NNPCL’s oversight activities.
” The forum issued a formal rejoinder to the claims made by the Chairman of the Senate Public Accounts Committee, Sen. Ahmed Wadada, regarding an alleged ₦210 trillion discrepancy in the accounts of the Nigerian National Petroleum Company Limited (NNPCL).
” We respect the Senate’s constitutional mandate for oversight, the forum is deeply concerned by the mathematical impossibility of the figures being brandished and the subsequent threat to issue arrest warrants for former officials, including the immediate past Chief Financial Officer, Mr. Umar Ajiya, ” ASF said.
According to the statement, Sen. Wadada’s claim of ₦210 trillion “unaccounted for” funds is not based on forensic reality but on a fundamental misreading of corporate balance sheets.
The group explained that the national budget context of Nigeria emblem with the entire 2024 national budget stands at approximately N28.7 trillion.
They argued that to suggest that a single entity “lost” N210 trillion, an amount nearly eight times the size of the national budged was an engage in economic fiction.
” The total crude oil revenue of the Federation over the seven-year period under review (2017–2023) does not aggregate to ₦210 trillion. Demanding a “refund” of money that was never earned by the state is an exercise in futility.
” The Forum wishes to clarify the two figures that the committee has erroneously “netted” together to create this sensation:
₦103 Trillion (Accrued Expenses): These represent the cumulative, multi-year obligations for Joint Venture (JV) Cash Calls.
” These are not “cash outflows” that have vanished; they are accounting entries of liabilities for production costs, royalties, and technical fees shared with international partners.
” N107 Trillion (Sundry Receivables): By definition, a receivable is money owed to the NNPCL, including massive subsidy debts from the Federal Government. Labeling a debt owed to a company as “missing funds” is a professional travesty, ” ASF explained.
The statement further explained that Ajiya served as CFO during a period of unprecedented transparency, during which the NNPCL published its first audited financial statements in over four decades.
ASF added that Ajiya’s leadership was instrumental in the transition of the NNPC from a statutory corporation to a commercial entity under the Petroleum Industry Act (PIA).
” To characterize the N5.9 billion transition cost, a complex, international legal and corporate restructuring as a “mere name change” is to undermine the very reforms the National Assembly passed into law.
” The Ajiya Solidarity Forum warns that using “phantom numbers” to inflame public passion does not constitute effective oversight. It instead damages Nigeria’s reputation in the eyes of international investors and devalues the professional contributions of public servants like Mr. Ajiya.
” It is rather unfortunate to reduce a Senate probe into an avenue of public blackmail by engaging in mudslinging and media paparazzi just to attract crowd bullying and deliberately mislead Nigerians for personal or political interest, ASF said.
The group urged members of the Senate not to drive by personal and political interest to tarnish the image of the senate and derail genuine and sincere fight against corruption through a back door arm twisting of persons they are supposed to give fair hearing in giving account of their stewardship.
” We call on the Senate Public Accounts Committee to engage in a sober, technical reconciliation of accounts rather than media led ultimatums.
” Withdraw the threats of arrest against officials who have already provided 19 detailed responses to the committee’s queries and focus on the reality of the PIA framework, which distinguishes between “accrued liabilities” and “revenue discrepancies.” The forum pleaded.