The Senate Committee on Public Accounts has issued a 21-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to provide clear explanations for financial discrepancies amounting to ₦210 trillion.
This follows the appearance of the company’s Group Chief Executive Officer, Bayo Ojulari, before the committee on Tuesday in response to an earlier summons. Ojulari, however, appealed for more time, citing the need to thoroughly review the audited financial statements of the company spanning from 2017 to 2023.
The committee raised concerns over conflicting figures in the financial reports, particularly ₦103 trillion listed as liabilities and ₦107 trillion as assets—totals that lawmakers described as alarming and insufficiently supported by evidence.
Committee Chairman Senator Aliyu Wadada said the figures raised multiple red flags. He emphasized that the ₦210 trillion in question was directly sourced from NNPCL’s own audited reports and that the company must offer detailed justifications for both its liabilities and assets.
Several lawmakers criticized NNPCL’s handling of the matter, accusing the company of exhibiting a dismissive attitude toward the oversight responsibilities of the Senate.
