The Senate Committee on Public Accounts has renewed its demand for the Nigerian National Petroleum Company Limited (NNPCL) to provide a detailed explanation over ₦210 trillion in vague financial entries uncovered in its audited accounts covering 2017 to 2023.
At a heated session on Thursday, lawmakers insisted that the oil company must clarify discrepancies related to unbalanced accounts, particularly on accrued expenses and receivables. The committee, chaired by Senator Aliyu Wadada, warned that continued failure to provide clear answers would not be tolerated.
“We never said NNPCL stole ₦210 trillion, but we insist you must account for it,” Senator Wadada said. “You have an account that is not netted off, and that’s not acceptable.”
The session was scheduled for Group Chief Executive Officer (GCEO) Bayo Ojulari to personally respond to 11 key questions from the Senate, but he failed to appear, sending the company’s Chief Financial Officer, Mr. Dapo Segun, in his place. Segun told the committee that Ojulari was away representing Nigeria at an OPEC meeting abroad and could not return before the weekend.
His absence drew outrage from committee members, including Senator Abdul Ningi, who criticised the GCEO for ignoring a summons from the Nigerian Senate.
“Today, the same Nigerians, through the Senate, are asking you to come and explain your financial statement, and you are not available,” Ningi said.
Senator Adams Oshiomhole was even more scathing, branding the NNPCL a “dirty organisation” with a history of corruption, and insisting that it must not treat the legislature with disdain.
“Anybody who is too big to obey the Constitution of Nigeria should relocate,” Oshiomhole said.
Wadada also pushed back against suggestions in some quarters that senators lacked the competence to interpret NNPCL’s financials.
He listed the calibre of committee members — including Senator Ibrahim Dankwambo, a former Accountant-General of the Federation; Senator Ede Dafinone, a renowned chartered accountant; and a Senior Advocate of Nigeria — as evidence that the Senate fully understood the issues.
“It is insulting to imply these distinguished professionals don’t know what they’re doing,” he said.
The audit scrutiny revealed ₦103 trillion in accrued expenses, including ₦600 billion in retention fees, legal and auditor’s fees, all lacking detailed documentation. It also found ₦103 trillion in receivables, which the committee said contradicted documents newly submitted by NNPCL on the same day of the hearing.
Wadada described the situation as “ridiculous and unacceptable,” noting that the figures in question — over ₦210 trillion — were too significant to ignore, especially at a time when the federal government, under President Bola Tinubu’s Renewed Hope Agenda, urgently needs funds to execute reforms.
“The president is committed to changing Nigeria’s narrative, and this requires money. These figures are scary, mind-boggling, and worrisome,” he said.
He further questioned the credibility of the financial statements, noting that NNPCL admitted that account reconciliation had not been completed, yet went ahead to sign off and publish the reports.
“If reconciliation wasn’t done, why sign off? And yet this same NNPCL is planning an IPO — going to the market with figures it hasn’t even reconciled?” Wadada asked.
The session was adjourned until the following week, with a new date to be communicated to Ojulari for his compulsory appearance. The Senate committee reaffirmed its determination to pursue the matter until every naira is accounted for.
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