No N210trn missing from NNPC accounts, ex-NAPIMS GM tells senate committee
By Henry Umoru 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.
In his remarks, Chairman of the Committee, Senator Dankwambo, who noted that the committee had not found evidence that any money was missing from NNPC accounts, said the ongoing review was intended to ensure transparency and achieve a proper understanding of the company’s audited financial statements rather than validate claims of missing funds.
Wunti, who noted that the controversial figure resulted from a misinterpretation of accounting entries rather than evidence of missing funds, said the N210 trillion figure was derived by wrongly adding together two separate balance sheet items — N107 trillion recorded as sundry receivables, representing funds owed to the company, and about N103 trillion recorded as accrued expenses, representing liabilities owed by the company.
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