Sh*ck In Abuja: Senate Orders NNPCL To Explain Missing ₦210 Trillion Within 3 Weeks

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

The ultimatum was issued after NNPCL’s Group Chief Executive Officer (GCEO), Bayo Ojulari, appealed for more time to thoroughly review and respond to the flagged issues.

Appearing before the committee on Tuesday, Ojulari—who has been in office for just over 100 days—requested additional time to analyze and reconcile figures from NNPCL’s audited financial statements covering the years 2017 to 2023.

“I’ve only recently assumed this role, and I need time to properly understand the concerns raised,” Ojulari stated.
“Having listened to today’s discussions, I realize the complexity of the issues and intend to carry out further internal reviews to respond adequately.”

He assured lawmakers that a special team would be set up to address the Senate’s queries.

The committee flagged ₦103 trillion in liabilities and ₦107 trillion in assets—figures it described as alarming and largely unverifiable.
Committee Chairman Senator Aliyu Wadada criticized the data, saying, “These numbers are mind-boggling. The liabilities cannot be substantiated, and the claimed receivables under assets are also questionable.”

He added that the ₦210 trillion sum came directly from NNPCL’s audited accounts and demanded that the company provide verifiable explanations for both assets and liabilities.

Some senators expressed dissatisfaction with NNPCL’s overall attitude toward legislative oversight, suggesting the company had shown disregard for the committee’s authority. They questioned why the GCEO appeared unaware of such significant financial figures, especially after sending representatives to previous sessions.

Following Ojulari’s request, the committee agreed to grant NNPCL 21 days to return with a reconciled and comprehensive explanation.

The situation highlights mounting concerns about transparency and accountability in the operations of Nigeria’s state-owned oil firm, which was converted into a limited liability company in 2022.