THE Nigerian Senate has issued a three-week ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to clarify glaring discrepancies amounting to a staggering ₦210 trillion in its audited financial records, spanning a seven-year period between 2017 and 2023.
News Point Nigeria reports that the directive was given by the Senate Committee on Public Accounts on Tuesday during a public hearing held at the National Assembly in Abuja.
The lawmakers, visibly concerned by what they described as “alarming and unverifiable” figures, demanded a comprehensive, reconciled explanation from the company within 21 days.
At the center of the controversy are questionable figures contained in NNPCL’s audited financial statements, which indicate ₦103 trillion in liabilities and ₦107 trillion in assets, both of which senators described as difficult to verify and potentially misleading.
The Group Chief Executive Officer (GCEO) of NNPCL, Mr. Bayo Ojulari, who appeared before the committee in response to an earlier summons, admitted that he was not yet fully briefed on the depth of the financial issues.
He requested more time to examine the financials and provide a detailed explanation.
“I have been in office for just about 100 days. I’ve not had sufficient time to digest the extensive information contained in these audit reports,” Ojulari told the panel.
“Listening to the questions today has shifted my perspective. I now understand the committee’s concerns better and agree that a thorough internal review is necessary. I’ll set up a team immediately to work on this.”
However, members of the committee were not entirely swayed by Ojulari’s plea. Some lawmakers expressed dismay that despite the company being represented in previous hearings, the new CEO appeared unprepared and uninformed on the matter.
Chairman of the Committee, Senator Aliyu Wadada, said the amounts involved raised serious red flags and could not be overlooked.
“The amount in question is mind-boggling. A ₦103 trillion liability with no clear substantiation? This is unacceptable. Even the ₦107 trillion declared in assets is suspect, as the receivables listed cannot be independently verified,” Wadada said.
He stressed that the figures were not fabricated by the Senate but were extracted directly from NNPCL’s own audited reports. “We’re not quoting figures from the air. These numbers are from your published accounts. You must explain them,” he added.
Other lawmakers echoed Wadada’s concerns, accusing the NNPCL of attempting to evade accountability. They criticized the company’s previous appearances and questioned why top executives seemed consistently unfamiliar with the critical audit issues.
Despite these misgivings, the committee agreed to Ojulari’s request for more time, but insisted the reprieve would be temporary and conditional. The panel directed the NNPCL to return in 21 days with a detailed, reconciled, and verifiable explanation for both its asset and liability positions.
The NNPCL, a major player in Nigeria’s oil and gas sector, has faced multiple questions over its transparency and financial practices since its transition to a limited liability company in 2021.
This latest probe could further fuel long-standing concerns about accountability and oversight in the management of the country’s petroleum revenues.
An oil and gas analyst told News Point Nigeria that the Senate’s insistence on answers may signal a renewed push for financial discipline in public enterprises.
“Whether NNPCL can provide a satisfactory response to the ₦210 trillion audit questions, however, remains to be seen”, the expert said.