The Senate Committee on Public Accounts has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has formally responded to 19 audit queries concerning discrepancies amounting to N210 trillion in its financial records between 2017 and 2023.
Chairman of the Committee, Senator Aliyu Wadada, disclosed this in Abuja during an interview with journalists, clarifying that while the NNPCL’s response has been received, the committee has not yet scrutinized the submitted documents in detail.
Wadada explained that the NNPCL had earlier requested an extension after being directed by the committee on July 29 to provide answers within three weeks.
The company’s management, led by Chief Executive Officer, Bayo Ojulari, sought more time to compile comprehensive data and respond to the audit queries — a request that the Senate committee granted.
“While we were on recess, management of NNPCL wrote to the committee, requesting an extension of time to enable them to compile data and respond comprehensively to the questions we raised, and we granted that request.
“They have since responded, and we now have answers to all 19 questions we sent to them; however, the report is yet to be presented before the committee.
“That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.
“But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter.”
He said that beyond the audited financial statements, there were other issues emerging around the NNPCL.
According to him, the first of such issues is production sharing contracts.
“Specifically, the production cost to Nigeria must be clearly defined, and the public deserves to know what portion goes to the NNPCL, what goes to the international oil companies (IOCs) and what accrues to the government under the production sharing arrangement.
“Furthermore, the committee has been informed that NNPCL Retail has declared a loss.
“This development is also of concern to us and to the public. We find it difficult to understand why NNPCL retail should record a loss, but we will seek clarification when the corporation appears before us.
“As far as the audited financial statements are concerned, which cover the period between 2017 and 2023. NNPC has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course.
“Out of those answers, the ones that make sense and those that do not will be evident to the public”, he stressed.
Backstory
In July, the Senate gave the 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 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.
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.
In June, the Senate said that it might be compelled to issue an arrest warrant if Ojulari failed to appear on the said date.
