The Senate Committee on Public Accounts has issued a 21-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to address discrepancies in its financial records totaling ₦210 trillion.
According to Naija News, the decision followed a request for more time by NNPCL’s Group Chief Executive Officer, Bayo Ojulari, who appeared before the committee on Tuesday. Ojulari, who has held the position for just over 100 days, asked for additional time to thoroughly examine and reconcile issues highlighted in the company’s audited financial statements from 2017 to 2023.
“I’ve barely spent 100 days in office and need adequate time to grasp the full scope of these concerns,” Ojulari explained. “From what I’ve heard today, my perspective has shifted. I will conduct a detailed internal review and reconciliation to provide the necessary responses.”
He assured lawmakers that a dedicated team would be assembled to address the Senate’s queries.
The committee flagged ₦103 trillion in liabilities and ₦107 trillion in assets, both of which it described as highly questionable. Committee Chairman, Senator Aliyu Wadada, criticized the figures as lacking credibility and proper documentation.
“These figures are staggering. The liabilities cannot be verified and are therefore unacceptable. Even the asset receivables appear dubious,” Wadada said.
He emphasized that the figures were extracted directly from NNPCL’s own audited reports and insisted on clear, evidence-based clarification.
Lawmakers Criticize NNPCL’s Engagement
Several senators expressed dissatisfaction with NNPCL’s posture, noting that the GCEO seemed uninformed about crucial financial matters despite the company previously sending representatives to earlier hearings. They viewed this as a sign of inadequate regard for legislative oversight.
Following Ojulari’s plea, the committee agreed to give NNPCL a 21-day window to return with a detailed, reconciled explanation of the financial discrepancies.
This latest development highlights mounting concerns over transparency and accountability at NNPCL, which transitioned into a limited liability company in 2022 as part of broader petroleum sector reforms.
