The Nigerian Senate Committee on Public Accounts has handed a 10-day deadline to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, demanding comprehensive responses to 11 major financial queries regarding troubling inconsistencies in the company’s audited accounts from 2017 to 2023.
At the center of the probe are what the committee has called “mind-boggling” discrepancies—chief among them, over ₦200 trillion in unexplained receivables and undocumented disbursements relating to legal and audit services over a six-year span. The committee, chaired by Senator Aliyu Wadada, issued the ultimatum during a heated session in Abuja, rejecting NNPCL’s formal request for a two-month extension to prepare a response.
“It is unacceptable. We have given them 10 working days. This committee will not tolerate delay tactics in matters concerning public funds,” Senator Wadada declared, stressing the urgency and gravity of the matter. He added that the NNPCL’s unwillingness to meet oversight obligations could not be condoned at a time when public accountability is paramount.
Wadada further warned that failure to comply by the July 10 deadline would lead to severe constitutional consequences. “Any attempt to disregard this committee’s directive will amount to contempt of the Senate. We are here to protect public funds, and we will not be deterred,” he asserted.
Another source of concern for the Senate committee was the conspicuous absence of NNPCL’s external auditors during the hearing. Their non-appearance was viewed as a critical lapse, especially given their potential role in verifying or explaining the discrepancies identified in the audit reports.
The session was observed by high-level stakeholders, including officials from the Economic and Financial Crimes Commission (EFCC), Nigeria Financial Intelligence Unit (NFIU), and the Department of State Services (DSS), all of whom served as witnesses to reinforce the gravity of the issue.
The ongoing investigation follows weeks of scrutiny into NNPCL’s audited statements, which the committee has said contain significant gaps and irregularities unbefitting of an institution tasked with managing the nation’s most strategic economic resource. The queries are seen as part of a broader move by the National Assembly to assert stronger oversight over public institutions and improve financial discipline in governance.
What You Should Know
Bayo Ojulari, a veteran of the oil and gas sector, was appointed as Group CEO of NNPCL to help lead the company’s transition into a fully commercialized entity. His handling of this Senate probe may significantly shape perceptions of the NNPCL’s transparency under its new corporate structure.
