When the National Assembly flagged a N210 trillion figure in the Nigerian National Petroleum Company Limited’s financial statements, the country erupted. Citizens were angry, headlines were fierce, and many called for heads to roll. At a time Nigerians are facing real economic hardship, the figure was bound to spark outrage.
Yet in that charged moment, Senator Ibrahim Hassan Dankwambo, Chairman of the Senate Committee on Public Accounts, chose a different path. Not emotion, but evidence. Not sensationalism, but substance.
It was a defining test. The eyes of the nation were on him. The pressure to join the condemnation was immense and the temptation to use it for political showmanship was real. He resisted both. He insisted the committee would be guided by facts, professional analysis and due process, not by the court of public opinion.
That courage is not surprising to those who know him. Dankwambo is not just a politician. He is a former two-term Governor of Gombe State and a former Accountant-General of the Federation. His career has been built on financial discipline and public sector integrity. He brought that same rigour to this probe. He understands that complex financial statements require technical understanding before conclusions, and that accountability without fairness is just persecution.
The figure itself needs context. The inquiry was triggered by audited statements from 2017 to 2023, which contained about N103 trillion in accrued expenses and N107 trillion in sundry receivables. Put together, they created the now infamous N210 trillion. There were also questions around N3.8 trillion in alleged duplicated subsidy deductions, N5 trillion booked as direct production costs and N5.9 billion in incorporation costs during the transition from NNPC to NNPCL. All deserved scrutiny. Dankwambo ensured they got it.
From day one, he made it clear this would not be a platform for vendetta or media trial. Every entry would be subjected to professional scrutiny. That is not weakness. That is the strength of a leader who knows the credibility of an institution depends on the integrity of its process.
That principle was clear when the committee invited Dr. Bala Maijama’a Wunti, former Group General Manager of NAPIMS. Dankwambo did not treat him as an adversary but as a professional who could help the committee understand complex accounting.
Wunti’s clarification was critical. He told the committee that after reviewing the 2023 audited statements page by page, he found no evidence that N210 trillion was missing. The N107 trillion was sundry receivables, money owed to NNPCL by third parties. The N103 trillion was accrued expenses, money NNPCL owes others. Under global accounting standards, the two cannot be added together to suggest missing funds. One is what you are owed, the other is what you owe.
He also explained that NNPCL’s reporting is more complex than a regular company because it functions at once as a commercial entity, custodian of national oil and gas assets, and a strategic national institution.
On the N5.9 billion incorporation cost, Wunti clarified that actual statutory payments to CAC and FIRS were about N2.45 billion. The higher figure came from how the transaction was captured in different books, because one arm paid on behalf of government shareholders while another reflected it separately.
The defining moment came when Dankwambo asked Wunti directly whether he had seen any evidence of N210 trillion missing. Wunti’s response was unequivocal: “I have gone through this document page by page. I have not found where N210 trillion was mentioned. There was no reported fraud or money missing throughout the period under my stewardship.”
Dankwambo did not dismiss or celebrate the testimony. He said members would scrutinise the submission alongside the audited accounts before deciding if further clarification was needed. No headline chasing. Just verification. That is leadership.
This approach matters beyond the hearing room. The world watches Nigeria’s petroleum sector. Unresolved allegations and premature conclusions create uncertainty and scare investors. Transparent, fair and professional investigations build confidence. By handling the matter with maturity, Dankwambo reassured both Nigerians and the international community that Nigeria’s oversight institutions can be firm and fair.
The committee also made clear its work supports President Bola Ahmed Tinubu’s reform agenda. The intention was never to undermine government but to strengthen accountability. Had the committee succumbed to the frenzy, it would have damaged the same government it seeks to support.
This is the standard Nigerians should demand from all oversight bodies. Not headlines, not hysteria, but professionalism. Senator Dankwambo has shown that oversight can be rigorous without being reckless, and firm without being unfair.
As the committee continues, the nation can watch with renewed hope. When facts lead, justice follows. When evidence guides, truth prevails. Dankwambo has set a standard worth emulating across every institution of the Nigerian state.
ABOUT THE AUTHOR:
Usman Abdullahi Koli writes from Abuja. mernoukoli@gmail.com*
