Bala Wunti Clarifies NNPCL Financial Records, Denies Alleged ₦210 Trillion Missing Funds


 By Umar Umb Bauchi


Former Managing Director of the National Petroleum Investment Management Services (NAPIMS), Alhaji Bala Wunti, has assured the Senate Committee reviewing the 2023 financial records of NNPC Limited that no ₦210 trillion is missing from the company's accounts.


Speaking before the committee, Wunti explained that the allegation stemmed from a misunderstanding of accounting principles and the presentation of financial statements. He stated that a thorough review of the audited accounts revealed no evidence of missing, stolen, or concealed funds.


According to him, the ₦210 trillion figure emerged from the incorrect combination of two separate accounting items. He explained that approximately ₦107 trillion represented receivables owed to NNPCL, while about ₦103 trillion represented accrued expenses and obligations owed by the company.


“Amounts owed to the company and amounts owed by the company are entirely different accounting entries. International accounting standards require them to be reported separately and not interpreted as missing funds,” Wunti stated.


Wunti, who also served as Chief Offshore Investment Officer of NUIMS until December 2024, emphasized that no section of the audited financial statements indicated any loss of funds.


Addressing reports that ₦5.8 billion was spent on the incorporation of NNPCL following the implementation of the Petroleum Industry Act (PIA), he clarified that the actual amount paid to the Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS) for registration and stamp duties was approximately ₦2.45 billion.


He explained that the ₦5.8 billion figure resulted from accounting entries recorded across different financial books to meet statutory reporting requirements and did not represent actual payments made to any individual or institution.


Wunti further called for stronger collaboration between NNPCL, the Office of the Accountant-General of the Federation, and the Office of the Auditor-General for the Federation to improve public understanding of the company's financial reporting framework.


Meanwhile, Chairman of the Senate Committee on NNPCL Accounts, Senator Ibrahim Dankwambo, disclosed that the committee has not found any evidence suggesting that funds were missing from NNPCL's accounts.


He noted that the objective of the ongoing review is to promote transparency and ensure a proper understanding of the company's financial statements rather than to validate allegations of financial misconduct. He added that the committee would continue examining the submissions made by Bala Wunti before determining whether further clarification is required.


Insight Tribune News

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