The Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada, has said the committee is not satisfied with the explanations provided by the management of the Nigerian National Petroleum Company Limited regarding alleged ₦210 trillion discrepancies in the company’s financial records.
Wadada, who represents Nasarawa West Senatorial District in the 10th National Assembly, made this known during an appearance on Channels Television’s Sunday Politics.
According to him, the explanations presented by the current NNPCL management, led by Group Chief Executive Officer Bayo Ojulari, did not adequately clarify the issues raised by lawmakers.
“We are not satisfied after it is being contained. What is contained in the audited financial statement of NNPC is the ultimate document that shows your financial dealings, both on the side of assets and liabilities,” he said.
Questions over ₦103 trillion liabilities
The senator explained that the company listed ₦103 trillion as accrued expenses under liabilities but failed to provide a detailed breakdown to justify the figure.
“NNPC under liabilities said the figures for their accrued expenses within that period were ₦103 trillion. Then tell us how you got ₦103 trillion. None of the items had any figures linked to it, so that is indicting enough,” he said.
He added that the liabilities figure cannot be accepted by the committee because it lacks supporting documentation.
The issue arose during the Senate committee’s review of NNPCL’s audited financial statements covering the period from 2017 to 2023.
Lawmakers flagged financial entries totalling ₦210 trillion that they say the company has not properly explained.
Wadada described the amount under investigation as staggering.
“The mind-boggling figure of ₦210 trillion, to every normal mind, cannot be comprehended. It is ridiculous and not easily understood,” he said.
Former officials to face questioning
The committee has issued summons to former top officials of the national oil company, including former Group Chief Executive Officer Mele Kyari, to appear before lawmakers and explain the discrepancies.
According to Wadada, the former leadership did not defend the claims while in office.
When the current NNPCL chief, Bayo Ojulari, appeared before the committee on July 29, 2025, he said he needed more time to study the issues raised.
“I have been in office for barely 100 days and I need time to fully understand the issues,” Ojulari told lawmakers, adding that he would conduct further internal reviews and reconciliation.
Committee may question petroleum minister
The lawmaker also said the committee would not hesitate to question any government official if necessary, including the Minister of Petroleum Resources, President Bola Tinubu.
“We are not afraid of talking to the minister. If the need arises to invite the president or question the president, we will do so,” he said.
However, he added that the committee does not believe the president is aware of the alleged discrepancies.
“The President does not know anything. Even if we do not ask him, we know he does not know anything,” Wadada said.
Key financial issues raised
During its review of the NNPCL accounts from 2017 to 2023, the Senate committee identified two major figures it says were not properly substantiated.
These include ₦103 trillion recorded as accrued expenses and liabilities, which the company attributed to Joint Venture cash calls.
Lawmakers questioned the explanation, noting that NNPCL generated about ₦24 trillion in revenue within the same five-year period, making the ₦103 trillion liability figure difficult to justify.
The committee also flagged ₦107 trillion recorded as sundry receivables, described as funds owed to the company by banks and other entities but considered unverifiable due to lack of detailed records.
Other issues raised include about ₦5.9 billion reportedly spent on the company’s rebranding, alleged subsidy-related irregularities and disputed production costs.
Government moves to reform oil sector finances
Meanwhile, President Tinubu recently signed Executive Order No. 9 of 2026 aimed at reforming the fiscal framework of the Petroleum Industry Act.
The order directs that revenues from oil and gas operations under Production Sharing Contracts be paid directly into the Federation Account.
It also suspends the 30 per cent management fee previously retained by NNPCL and the 30 per cent deduction allocated to the Frontier Exploration Fund.
What you should know
The Senate Committee on Public Accounts is investigating financial entries worth ₦210 trillion in NNPCL’s audited statements between 2017 and 2023.
Lawmakers say major figures recorded as liabilities and receivables lack proper documentation, prompting summons for former company leaders to explain the discrepancies.
