The Nigerian Senate Committee on Public Accounts has issued a 21-day deadline to the Nigerian National Petroleum Company Limited (NNPCL), directing the organization to provide thorough explanations regarding discrepancies amounting to ₦210 trillion in its audited financial records.
This demand was made even as the Group Chief Executive Officer (GCEO) of NNPCL, Bayo Ojulari, appealed for more time to address the committee’s concerns comprehensively.
Ojulari appeared before the Senate panel on Tuesday in response to a summons regarding the company’s financial statements spanning from 2017 to 2023. He explained that having been in office for just over three months, he needed additional time to examine the flagged issues more closely.
“I have been in office for barely 100 days and I need time to fully understand the issues. Given the explanation I’ve heard today, my perspective has changed,” Ojulari said. He added that he would conduct further internal reviews and reconciliations before providing the committee with the information it required. He also promised to set up a dedicated team to address the financial queries.
The discrepancies center on ₦103 trillion in liabilities and ₦107 trillion in assets—figures that members of the committee described as alarming and lacking adequate substantiation.
Senator Aliyu Wadada, who chairs the Public Accounts Committee, described the reported figures as deeply concerning.
“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 clarified that the ₦210 trillion figure was derived directly from NNPCL’s audited financial statements and emphasized that the company must offer detailed clarifications on both its liabilities and assets.
In addition, some senators expressed disappointment at what they perceived as the company’s lack of seriousness and commitment to accountability. They criticized NNPCL’s leadership for failing to adequately prepare for the hearing, especially since representatives had previously attended earlier sessions. The lawmakers questioned Ojulari’s unfamiliarity with the financial details and suggested that it reflected poorly on the company’s level of cooperation.
Despite these criticisms, the committee accepted Ojulari’s request for more time and instructed the NNPCL to return within 21 days with a full, reconciled, and transparent explanation of its financial records.
What You Should Know
The Nigerian National Petroleum Company Limited (NNPCL) is under Senate scrutiny over ₦210 trillion in questionable figures recorded in its audited financial reports from 2017 to 2023.
The Senate Committee on Public Accounts has demanded full clarification, citing ₦103 trillion in liabilities and ₦107 trillion in assets that lawmakers say are unverified and potentially misleading. NNPCL’s GCEO, Bayo Ojulari, who has only recently assumed office, requested more time to understand and respond to the issues.
While lawmakers criticized the company’s lack of preparedness, the Senate granted 21 days for the company to provide accurate and transparent financial explanations.
