Bala Wunti Voluntarily Appears Before Senate, Debunks ₦210 Trillion Missing Fund

Former Group General Manager of the Nigerian Petroleum Investment Management Services (NAPIMS), Dr. Bala Wunti, on Thursday voluntarily presented himself before the Senate Committee investigating NNPC Ltd.’s 2023 financial accounts, appearing even before receiving a formal invitation.

In a departure from the common practice among many public officials — who often engage legal teams, delay proceedings, or avoid scrutiny altogether — Wunti chose to face the committee directly. He used the opportunity to clear the air and defend the integrity of the corporation’s records.

Addressing lawmakers, Wunti stated categorically that no ₦210 trillion was missing from NNPC Ltd.’s 2023 accounts. He explained that the controversial figure stemmed from a misunderstanding of accounting entries, specifically the erroneous addition of approximately ₦107 trillion in receivables (funds owed to NNPC) and ₦103 trillion in accrued liabilities (obligations owed by NNPC).

Wunti further clarified reports surrounding the incorporation cost of NNPC Ltd., noting that the reported ₦5.8 billion figure was inaccurate. According to him, actual statutory payments to the Corporate Affairs Commission (CAC) and Federal Inland Revenue Service (FIRS) amounted to about ₦2.45 billion, while the remaining figures represented internal accounting entries.

Senate Committee Chairman Sen. Ibrahim Dankwambo told the panel that members had not found any evidence of missing funds during their review. He added that the exercise was aimed at enhancing transparency and fostering a clearer public understanding of NNPC Ltd.’s audited financial statements.

Wunti’s proactive appearance has drawn attention for its emphasis on accountability at a time when public trust in institutions remains a key concern. The committee is expected to continue its oversight activities in the coming days.