A leading energy scholar, Professor Wumi Iledare, has raised concerns over how the National Assembly is handling the ₦210 trillion audit controversy involving the Nigerian National Petroleum Company Limited (NNPCL), warning that sensationalism could damage confidence in Nigeria’s oil and gas industry.

Speaking in an interview, the Louisiana State University-based professor explained that the controversial figure — ₦210 trillion — is a combination of accounts receivable and payable, which includes legacy debts, subsidy reimbursements, and inter-agency obligations. According to him, a deeper understanding of the financial structure of NNPCL is crucial before drawing conclusions.

While backing the right of lawmakers to demand accountability, Iledare cautioned them to avoid conflating the operations of the now-commercialised NNPCL with its past as a government agency. He emphasized the need to distinguish between financial records from 2017–2021 and those generated after the transition to a limited liability company in 2021.

“The National Assembly should certainly perform its oversight duties, but it must also ensure it’s guided by technical expertise,” he said. “We shouldn’t turn a complex financial situation into political drama.”

On recent developments in Nigeria’s refinery operations, Iledare questioned the lack of clarity surrounding the status of the Port Harcourt and Warri refineries. He called for the NNPCL board to make independent decisions, even if that includes selling underperforming refineries.

He also stressed that long-term success in the sector depends on insulating the company from political interference. “If the leadership of NNPCL remains apolitical and reform-minded, there’s potential for real progress,” he said.

Professor Iledare concluded by urging lawmakers and the public to focus on constructive reform rather than sensational narratives that could undermine trust in Nigeria’s oil and gas sector.