No N210trn missing from NNPC accounts, ex-NAPIMS GM tells senate committee
Former NAPIMS official Bala Wunti testified that there is no evidence of N210 trillion missing from NNPC accounts. He clarified that the figure arose from a misinterpretation of accounting entries involving receivables and liabilities.
Why it matters
This clarification addresses significant public concern regarding government financial transparency and the integrity of national oil company accounts in Nigeria.
ABUJA – FORMER Group General Manager (GGM) of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti, has disclosed that there was no evidence in the 2023 audited financial statements of the Nigerian National Petroleum Company (NNPC) Limited to support claims that N210 trillion went missing from the company’s accounts.
Wunti, who made this disclosure when he appeared before the Senator Ibrahim Dankwambo (Gombe North)-led Senate Committee on Public Accounts during the review of NNPC’s 2023 audited financial statements, said he had reviewed the accounts at the committee’s request and found no reference to any missing N210 trillion.
NAPIMS, now known as NNPC Upstream Investment Management Services (NUIS), is a former unit of NNPC Limited tasked with managing the federal government’s investments in the upstream oil and gas sector. The firm oversees joint ventures (JVs) and production sharing contracts (PSCs) with international oil companies.
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