Senate Committee Issues 21-Day Ultimatum to NNPCL Over ₦210 Trillion Financial Discrepancies
The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) a 21-day deadline to provide detailed explanations regarding financial discrepancies amounting to ₦210 trillion, as reflected in its audited financial statements.
The Group Chief Executive Officer (GCEO) of NNPCL, Mr. Bayo Ojulari, appeared before the committee on Tuesday in response to an earlier summons. During the session, he requested additional time to thoroughly review and address the flagged issues, noting that he had only been in office for approximately 100 days.
“I need more time to understand the complexities involved. Based on today’s discussions, my perspective has already evolved. I intend to conduct an in-depth internal review and reconciliation to adequately respond to the committee’s queries,” Ojulari stated. He further assured the committee that a dedicated team would be assembled to address the concerns raised.
The discrepancies in question pertain to ₦103 trillion in liabilities and ₦107 trillion in assets—figures lawmakers described as alarming and largely unsubstantiated.
Senator Aliyu Wadada, Chairman of the Committee, expressed strong concerns over the reported figures. “These numbers are staggering. The liability figures lack adequate justification and are unacceptable to this committee. Similarly, the asset figures, particularly the receivables, have not been properly verified,” he said.
According to the committee, the ₦210 trillion figure was drawn directly from NNPCL’s audited accounts spanning the years 2017 to 2023. Lawmakers expect the company to provide substantiated explanations for both its asset and liability entries.
Several senators voiced their frustration with NNPCL’s approach, citing a perceived lack of seriousness and accountability. They criticized the GCEO for his limited familiarity with the company’s financials, especially given previous opportunities to engage through designated representatives.
Following Ojulari’s appeal, the committee granted NNPCL 21 days to return with a comprehensive, reconciled response addressing all discrepancies in detail.