Once again, people are worried about how NNPCL handles its money. This time, the concern is about N210 trillion that is missing from their financial reports between 2017 and 2023.

Last week Wednesday, during a Senate Committee meeting led by Aliyu Wadada, it was revealed that this huge amount of money was not properly recorded in NNPCL’s financial documents. The public became aware of the issue during this session.

Senator Wadada and his committee gave NNPCL just one week to explain what happened to the missing money. They made it clear that they are serious about getting answers.

The Senate Committee said it will not let the matter slide. They plan to use their powers to get to the bottom of the issue.

A top officer at NNPCL, Adedapo Segun, said the N210 trillion was used for payments to companies working with NNPCL. These payments are known as cash calls, which are part of joint ventures.

Still, many Nigerians are not convinced. They think this investigation may end up like others in the past—forgotten and unresolved.

In June 2024, a group called SERAP took NNPCL to court for not sending N500 billion into the national account. Other similar cases over the last five years have not led to any clear results.

The leader of Transparency International Nigeria, Auwal Rafsanjani, said those who took the money must be punished. He believes that Nigerian leaders, including lawmakers, have not shown interest in punishing those involved in big financial crimes.

He blamed President Tinubu and former presidents for using NNPCL for their own personal interests. Because they also served as Petroleum Ministers, they had full control over the company.

Rafsanjani said Tinubu, Buhari, and Obasanjo used NNPCL like a personal bank. According to him, no Nigerian president except Jonathan stayed away from controlling the oil sector.

He also said this problem has existed since 1999. NNPCL is being used like an ATM by government officials without anyone checking what is really going on.

He added that there is a lot of waste and poor management at NNPCL. Since the company lacks transparency, the money made from oil does not help everyday Nigerians.

Rafsanjani said all presidents except Jonathan took the job of Petroleum Minister, which helped cover up the corruption. He said the system has failed because no one is held responsible.

He believes that if Nigeria had a working system, those who took the money would be made to explain and return it. He said once the facts are clear, the people involved must face justice.

Another expert, Ameh Madaki, also shared his fears. He thinks nothing serious will come out of the current investigation into the missing money.

Madaki, a lawyer and oil industry expert, said the way NNPCL and the entire oil sector is run has been hidden from public view for years.

He added that many similar scandals in the past have been forgotten once a new one appears. This has been the pattern for a long time.

He said people are already losing faith that the government will act. As a result, they believe this new scandal will also disappear like the rest.

Madaki feels it is hard to predict what will happen next. He said it may be pointless to spend time and energy on this because the outcome is uncertain.