The Senate has issued a three-week ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to provide written explanations to 19 audit queries tied to a staggering ₦210 trillion in unaccounted assets and liabilities spanning 2017 to 2023.
The directive came during a session held by the Senate Committee on Public Accounts, chaired by Senator Ahmed Wadada Aliyu (Nasarawa West), after an appearance by NNPCL Group CEO, Mr Bayo Ojulari.
No Funds Missing, But Reconciliation Needed
Wadada clarified that the committee had not declared any funds missing or stolen. Instead, the committee is seeking clarity on ₦107 trillion in reported assets and ₦103 trillion in liabilities, as extracted from audited financial statements reviewed by the Auditor-General’s office.
“These queries are not from the executive or judiciary,” Wadada said. “They are based on financial records and require answers in line with our constitutional oversight mandate.”
Ojulari Seeks More Time to Review Legacy Financials
Appearing for the first time since his appointment just over 100 days ago, Ojulari acknowledged the significance of the queries and requested additional time to reconcile the financial data.
“I am committed to getting this right,” Ojulari said. “We’ll assemble a team, engage external auditors, and deliver a proper reconciliation of all 19 items.”
While he initially requested four weeks, the committee reduced the grace period to three weeks, citing the need for urgency and accountability.
Lawmakers Emphasise Transparency and Governance Reform
Multiple senators underlined the critical role NNPCL plays in Nigeria’s economic landscape, stressing the importance of transparency:
- Senator Victor Umeh (Anambra Central): “NNPCL is at the core of Nigeria’s economic prosperity. We need transparency.”
- Senator Babangida Hussaini (Jigawa North West): “Governance is a continuum. Legacy issues must be resolved.”
- Senator Tony Nwoye (Anambra North) stressed the need for fair hearing while urging objective scrutiny of the audit records.
NNPCL’s Corporate Governance Under the Spotlight
As NNPCL transitions to a fully commercial entity under the Petroleum Industry Act (PIA), this audit probe becomes a litmus test for transparency, governance, and fiscal responsibility in the energy sector.
The audit inquiry, covering seven financial years, spans a period of major structural changes at NNPCL including asset restructuring, subsidy phase-outs, and crude revenue accounting.
What Happens Next
The Senate has scheduled a follow-up engagement once the three-week window elapses. Ojulari and his executive team will present their reconciliations and clarify all questioned transactions.
NNPCL’s response to the ₦210 trillion audit queries could reshape public trust and redefine corporate accountability in Nigeria’s petroleum sector.