Politics

Senate Committee Demands Clarification from NNPCL on ₦210 Trillion Audit Irregularities Within 21 Days

Published by Tope Fakinlede on July 30th, 2025.

Senate Committee Demands Clarification from NNPCL on ₦210 Trillion Audit Irregularities Within 21 Days

The Senate Committee on Public Accounts has issued a 21-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to provide a detailed explanation regarding audit discrepancies totaling ₦210 trillion.

This directive came during a hearing on Tuesday, where NNPCL’s Group Chief Executive Officer, Bayo Ojulari, appeared before the committee to address concerns raised in the company’s audited financial records spanning 2017 to 2023.

Ojulari, who recently assumed office, appealed for more time, citing the complexity and volume of the issues involved. “I’ve been in this position for just over 100 days. After listening to the committee today, I now have a clearer understanding of the concerns. I’ll need to carry out further internal reviews and reconciliations to respond appropriately,” he said, adding that a dedicated team would be assigned to handle the matter.

At the core of the audit query are ₦103 trillion in liabilities and ₦107 trillion in assets, figures that members of the Senate panel described as unclear and unsupported by sufficient documentation.

Committee Chairman, Senator Aliyu Wadada, expressed alarm over the numbers, stating, “These figures raise serious questions. The liabilities are not verifiable, and the asset claims, particularly the receivables, are questionable. This committee cannot accept data that lacks proper substantiation.”

Wadada emphasized that the ₦210 trillion cited was extracted directly from NNPCL’s audited accounts and that the company must return with verifiable and reconciled financial details.

Some senators were visibly frustrated with NNPCL’s response, criticizing the company for what they described as a lack of preparedness and accountability. They noted that despite earlier invitations, NNPCL had failed to provide satisfactory answers, and the CEO’s limited familiarity with the data was seen as concerning.

In light of Ojulari’s appeal, the committee granted NNPCL a 21-day window to return with a full report addressing the flagged discrepancies.