The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) a 21-day deadline to provide detailed clarifications on alleged financial discrepancies amounting to ₦210 trillion, even as its Group Chief Executive Officer (GCEO), Bayo Ojulari, requested additional time to prepare a thorough response.
Appearing before the committee on Tuesday following an earlier summons, Ojulari explained that he had only been in office for about 100 days and needed more time to fully examine the issues highlighted in the company’s audited financial statements from 2017 to 2023.
“I have been in office for barely 100 days and I need time to fully understand the issues. Given the explanation I’ve heard today, my perspective has changed,” Ojulari stated.
“I need to carry out further internal review and reconciliation to provide the answers the committee requires,” he added, pledging to set up a dedicated team to handle the queries.
The committee’s concerns center around ₦103 trillion in liabilities and ₦107 trillion in assets, which lawmakers described as alarming and largely unverified.
Committee Chairman Senator Aliyu Wadada said the figures were “mind-boggling” and stressed that both the liabilities and receivables lacked substantiation.
“The amount is mind-boggling. The liability figure cannot be substantiated and is therefore not acceptable to this committee. Even the receivables making up the asset component cannot be verified,” Wadada said.
He added that the ₦210 trillion figure was drawn directly from NNPCL’s audited accounts and that the company must provide concrete justifications for the discrepancies.
Some lawmakers expressed frustration at what they perceived as NNPCL’s lack of seriousness, noting that the CEO’s unfamiliarity with the financial details—despite previous appearances by company representatives—was troubling.
In response to Ojulari’s appeal, the committee resolved that NNPCL must return within 21 days with a comprehensive and reconciled explanation addressing the flagged concerns.