The Nigerian Senate has granted the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to damning audit queries spanning seven years, involving a staggering ₦210 trillion in financial discrepancies.
This directive was issued on Tuesday by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada (SDP, Nasarawa West), during an appearance by the NNPCL’s Group Chief Executive Officer (GCEO), Engr. Bayo Ojulari, before the committee.
Ojulari, who had previously failed to appear, apologised and requested more time to properly investigate and address the 19 queries raised in the auditor-general’s report covering 2017 to 2023. He explained that he had only spent just over 100 days in office and needed to “dig into the technicalities and perspectives” behind the queries.
“Given the perspectives I have heard now into the issues, this is coming in the midst of a huge national assignment. I need to understand the issues myself so I can respond appropriately,” Ojulari told the lawmakers. He assured the committee that he would assemble a team, engage external auditors and relevant groups to prepare comprehensive answers.
Though he requested four weeks, the Senate Committee granted three weeks, setting a clear expectation for detailed written responses and a subsequent in-person defence before the committee.
The core of the audit queries involves ₦103 trillion in liabilities and ₦107 trillion in assets, which the committee described as unsubstantiated and troubling. The figures were extracted directly from NNPCL’s audited financial statements by the Office of the Auditor-General of the Federation.
Senator Wadada clarified that the ₦210 trillion in question was neither missing nor stolen, but “yet to be accounted for,” stressing that the queries stemmed from NNPCL’s own audit reports, not from any external allegations.
“The amount is mind-boggling. The liability figure cannot be substantiated and is therefore not acceptable to this committee. Even the receivables making up the asset component cannot be verified,” Wadada said.
Lawmakers across party lines stressed the importance of transparency in the operations of the NNPCL, noting its central role in the country’s economic fortunes. Senator Victor Umeh (LP, Anambra Central) remarked, “NNPCL is in possession of Nigeria’s economic prosperity.”
Senator Babangida Hussaini (APC, Jigawa North West) called for continuity in governance and thorough scrutiny, while Senator Tony Nwoye (LP, Anambra North) emphasized the importance of granting the NNPCL fair hearing, suggesting the possibility that the audit reports might contain errors.
