Former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Alhaji Bala Wunti, has assured the Senate that no ₦210 trillion is missing from the Nigerian National Petroleum Company Limited (NNPC Ltd.) accounts, describing the claim as a misunderstanding of standard accounting entries.
Testifying before the Senate Committee reviewing NNPC Ltd.’s 2023 audited financial statements, Wunti said a detailed page-by-page examination of the documents revealed no evidence of any missing funds. He attributed the controversial ₦210 trillion figure to the incorrect addition of two separate balance sheet items: approximately ₦107 trillion in sundry receivables (money owed to the company) and ₦103 trillion in accrued expenses (liabilities owed by the company).
“Receivables are money other people owe you, while accrued expenses are money you owe other people,” Wunti explained. “Accounting standards require that these items be reported separately. They cannot simply be added together and described as missing money.”
Speaking under oath,
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