The Nigerian Senate has issued a 21-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to provide explanations for N210 trillion in unreconciled financial records flagged in its audited accounts.
The directive was handed down to NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, on Monday during a session with the Senate Committee on Public Accounts. Ojulari appeared before the committee after previously failing to honor four separate invitations.
Committee Chairman Senator Ahmed Wadada (Nasarawa West) disclosed that the discrepancies were identified in 19 audit queries raised by the Office of the Auditor General for the Federation. The flagged figures span the years 2017 to 2023 and comprise N103 trillion in liabilities and N107 trillion in assets.
“The committee has not said the N210 trillion was stolen or missing,” Wadada clarified. “This is part of our constitutional mandate to examine the audited accounts of public institutions.”
Ojulari, who has been in office for just over 100 days, apologized for his earlier absences and asked for more time to review the complex financial queries. He initially requested a four-week extension, but the committee granted him three weeks.
“I still need time to do further digging,” he said. “Your explanation now changes my perspective about the issues.”
He is expected to submit written responses and appear again before the committee, along with other top officials of the NNPCL.
Lawmakers emphasized the gravity of the matter, stressing the importance of transparency in the operations of the national oil company.
“NNPCL is in possession of Nigeria’s economic prosperity. We must ensure transparency,” said Senator Victor Umeh (Anambra Central).
Senator Babangida Hussaini (Jigawa North West) described the audit findings as “germane and critical,” while Senator Tony Nwoye (Anambra North) called for a fair hearing, noting that some of the discrepancies might be due to errors in the audit process.
