The Senate has given the Nigerian National Petroleum Company Limited (NNPCL) a 21-day deadline to respond to audit queries involving an unaccounted N210 trillion flagged in the Auditor-General’s reports covering 2017 to 2023.
The Chairman of the Senate Committee on Public Accounts, Senator Ahmed Wadada, issued the directive on Monday during a session with NNPCL’s Group Chief Executive Officer (GCEO), Mr. Bayo Ojulari.
The audit queries involve N103 trillion in liabilities and N107 trillion in assets yet to be reconciled, based on audited financial statements and not allegations from any government arm, according to the News Agency of Nigeria (NAN).
“The Senate Committee on Public Accounts has given Nigerian National Petroleum Company (NNPCL) three weeks to respond to queries raised against it.
“The queries against the NNPCL were in connection with audit reports of 2017 to 2023, alleging unaccountability of N210 trillion,” the source read in part.
It added, “The committee is giving NNPCL three weeks to forward written responses to it on all 19 queries, after which the GCEO will be invited along with other management staff for physical appearance and defence.”
Ojulari, appearing before the committee for the first time since his appointment 100 days ago, requested four weeks to respond, citing the technical nature of the queries. However, the committee granted a three-week window.
More insights
Senator Wadada emphasized that the committee has not accused NNPCL of theft or misappropriation. Instead, he said the Senate is carrying out its constitutional oversight by seeking clarity on discrepancies in the company’s financials.
Senators from different political parties emphasized the importance of transparency and a fair hearing. Senator Victor Umeh (Anambra) noted that NNPCL is central to Nigeria’s economic future.
Senator Babangida Hussaini (Jigawa) said current management must take responsibility for past records, while Senator Tony Nwoye (Anambra) noted the audit reports may contain errors and should be reviewed.
The committee warned that after the 21-day deadline, Ojulari and other NNPCL executives would be summoned for a physical appearance to defend their responses.
What you should know
Earlier in July 2025, Ojulari failed to appear at a scheduled hearing, citing an OPEC meeting in Vienna. The committee rejected a presentation made by NNPCL’s Chief Financial Officer, Dapo Segun, insisting that only the GCEO could address the queries as reported by Nairametrics.
- This comes after the Senate Committee on Public Accounts directed Ojulari to appear on July 10 to respond to concerns over the N210 trillion unaccounted funds flagged in the audit reports.
