Senate Gives NNPCL 21-Day Ultimatum Over ₦210 Trillion Financial Discrepancy

The Senate Committee on Public Accounts has handed the Nigerian National Petroleum Company Limited (NNPCL) a 21-day deadline to explain glaring financial discrepancies amounting to ₦210 trillion.

This directive followed the appearance of NNPCL’s Group Chief Executive Officer, Bayo Ojulari, before the committee on Tuesday, where he pleaded for additional time to adequately respond to issues raised in the company’s audited financial statements spanning 2017 to 2023.

“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 told lawmakers.

He added, “I need to carry out further internal review and reconciliation to provide the answers the committee requires,” assuring the committee that a team would be set up to handle the queries.

The committee is seeking clarity on ₦103 trillion in liabilities and ₦107 trillion in assets—figures that senators say raise significant concerns due to a lack of substantiating details.

Committee Chairman, Senator Aliyu Wadada, did not hold back in expressing the panel’s frustration: “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.”

According to Senator Wadada, the figures under scrutiny were pulled directly from the company’s audited reports, and the NNPCL is expected to provide a full breakdown of both liabilities and assets to justify the numbers.

Several lawmakers criticized the NNPCL’s perceived lack of seriousness, accusing the company of disrespecting the committee and questioning why the CEO appeared uninformed despite having sent representatives to previous sessions.

Despite their dissatisfaction, the committee granted Ojulari’s request and directed the NNPCL to return within 21 days with a reconciled and comprehensive response.