No N210tn missing from NNPC accounts – Bala Wunti tells Senate as Dankwambo affirms same position

Former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Alhaji Bala Wunti, has told the Senate that determination is nary grounds successful the Nigerian National Petroleum Company Limited (NNPC Ltd.)’s 2023 audited fiscal statements to enactment claims that ₦210 trillion is missing from the company’s accounts, portion the Chairman of the Senate Committee reviewing the accounts, Senator Ibrahim Dankwambo, affirmed that the committee had not established that immoderate wealth was missing.

Appearing earlier the Senate Committee reviewing NNPC Ltd.’s 2023 audited fiscal statements, Wunti said helium had undertaken a page-by-page introspection of the accounts astatine the committee’s petition and recovered nary notation to immoderate missing ₦210 trillion.

According to him, the arguable fig resulted from a misinterpretation of accounting entries alternatively than grounds of missing funds.

He explained that the ₦210 trillion fig was derived by wrongly adding unneurotic 2 abstracted equilibrium expanse items—about ₦107 trillion recorded arsenic sundry receivables, representing funds owed to the company, and astir ₦103 trillion recorded arsenic accrued expenses, representing liabilities owed by the company.

“Receivables are wealth different radical beryllium you, portion accrued expenses are wealth you beryllium different people. Accounting standards necessitate that these items beryllium reported separately. They cannot simply beryllium added t...