NNPCL Report Shows ₦30 Billion Blown on Entertainment in One Year

NNPCL (Nigerian National Petroleum Company Limited) reportedly spent ₦30.3 billion on “entertainment” in the 2024 financial year, according to a review of its audited financial statements.

This figure marks a dramatic increase from previous years: the company spent around ₦7.4 billion on entertainment in 2023, up from ₦7.3 billion in 2022.

The sharp rise comes amid wider scrutiny of NNPCL’s operating costs. In 2023, the firm’s general and administrative expenses surged to ₦2.9 trillion, up 75.5% from the prior year.

Critics have raised questions about whether the company’s spending priorities align with its operational performance, especially given persistent issues in maintaining its refineries.

Meanwhile, NNPCL defends its transparency. Group CEO, Bayo Ojulari has said the company publishes 100% of its audited accounts each year.

Additionally, the company claims it remitted ₦10 trillion to the Federation Account by September 2024.

However, its financial disclosures have drawn further scrutiny: a recent Senate Committee on Public Accounts rejected NNPCL’s explanation for nearly ₦210 trillion in accrued expenses and receivables.

Meanwhile, an Auditor-General’s report also accused NNPCL of misallocating ₦514 billion in public funds.

The revelations are likely to intensify calls for more rigorous oversight as Nigeria continues to debate financial governance in its state-owned enterprises.