Musa Na Allah, Sokoto
The Ajiya Solidarity Forum (ASF), a coalition of professionals and stakeholders advocating transparency and the protection of public institutional integrity, has strongly rejected allegations that N210 trillion was misappropriated from the accounts of the Nigerian National Petroleum Company Limited (NNPCL), describing the claim as “mathematically impossible and politically motivated.”
Addressing a press conference in Sokoto on Thursday, the forum, led by Usman Hamza, said the allegation reportedly raised by the Chairman of the Senate Committee on Public Accounts, Senator Ahmed Wadada, was misleading and capable of undermining the credibility of Nigeria’s oil sector if left unchallenged.
The group maintained that the narrative of a N210 trillion discrepancy in the books of the national oil company was built on a fundamental misunderstanding of financial records, warning that the sensational claim could erode public confidence and discourage international investment.
ASF also described threats of arrest warrants against former officials of the national oil company, including former Chief Financial Officer Umar Ajiya, as part of what it termed a coordinated campaign of political blackmail.
According to the forum, the N210 trillion figure allegedly cited by the committee was “a shocking but impossible number deliberately framed to alarm the public.”
The coalition argued that Nigeria’s entire national budget for 2024 stands at about N28.7 trillion, stressing that suggesting a single entity lost nearly eight times the country’s annual budget was unrealistic and misleading.
ASF explained that the committee appeared to have misinterpreted financial entries by combining two separate figures in the company’s accounts, N103 trillion recorded as accrued expenses linked to Joint Venture liabilities and N106 trillion listed as receivables representing funds owed to the oil company.
It stressed that categorising receivables funds legitimately owed to a company as “missing money” represents what it described as “a professional travesty and a grave distortion of accounting principles.”
The forum warned that politicising the oversight responsibilities of the National Assembly could damage Nigeria’s international reputation, particularly at a time when the country is seeking to attract critical investment into the energy sector.
“Using the hallowed chambers of the Senate to pursue personal vendettas or advance unverified financial narratives risks undermining the credibility of Nigeria’s democratic institutions and eroding the confidence of global investors,” the group stated.
ASF therefore called on the leadership of the Senate and its Ethics Committee to institute an independent investigation into the controversy, including alleged claims of bribery demands linked to the ongoing oversight exercise.
The coalition also urged lawmakers to halt what it described as harassment of former officials of the oil company who, according to the group, had already submitted 19 detailed technical responses to the committee’s inquiries.
While reaffirming its commitment to transparency and accountability in public institutions, the forum called for a shift from what it termed “trial by media” to constructive engagement through professional and forensic review of financial records.
The group insisted that meaningful dialogue between lawmakers, industry experts and former officials should take place in a transparent technical environment where facts and verifiable figures take precedence over what it described as “phantom numbers.”
