The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) 21 days to address financial discrepancies amounting to ₦210 trillion.
Naija News reports that the ultimatum was issued following the company’s Group Chief Executive Officer (GCEO), Bayo Ojulari’s plea for more time to properly respond.
Appearing before the committee on Tuesday, Ojulari, who has spent just over 100 days in office, requested additional time to study and reconcile the issues flagged in NNPCL’s audited financial statements spanning 2017 to 2023.
“I have been in office for barely 100 days and I need time to fully understand the issues,” Ojulari said.
“Given the explanation I’ve heard today, my perspective has changed. I need to carry out further internal review and reconciliation to provide the answers the committee requires.”
The NNPCL GCEO assured lawmakers that he would assemble a dedicated team to work on the Senate’s queries.
The committee raised concerns over ₦103 trillion in liabilities and ₦107 trillion in assets, describing both figures as troubling and largely unverifiable.
Chairman of the Committee, Senator Aliyu Wadada, said the numbers were unacceptable without clear substantiation.
“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 stated.
He explained that the ₦210 trillion in question was extracted directly from NNPCL’s audited accounts and demanded that the company provide concrete explanations for its liabilities and assets.
Lawmakers Question NNPCL’s Posture
Some senators criticised the company’s approach, suggesting that NNPCL had shown disregard for the committee’s oversight.
They questioned why the GCEO appeared unfamiliar with critical financial details despite having previously sent representatives to attend earlier hearings.
Following Ojulari’s appeal, the committee resolved to grant NNPCL 21 days to return with a comprehensive and reconciled response to address the discrepancies.
The development underscores growing scrutiny over financial transparency and accountability in Nigeria’s state-owned oil company, which underwent a transition to a limited liability company in 2022.
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