Senate Issues 21-Day Ultimatum to NNPCL Over ₦210 Trillion Discrepancies in Audited Financial Statements from 2017 to 2023
The Nigerian National Petroleum Company Limited (NNPCL) has been issued a 21-day ultimatum by the Senate Committee on Public Accounts to provide detailed explanations for financial discrepancies amounting to ₦210 trillion in its audited financial statements from 2017 to 2023.
During a meeting with the committee on Tuesday, NNPCL’s Group Chief Executive Officer, Bayo Ojulari, requested more time to address the issues thoroughly.
“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.
He explained that he intends to conduct further internal reviews and reconciliations, assuring the committee that a dedicated team would be assembled to respond comprehensively to all concerns.
The Senate committee highlighted ₦103 trillion in liabilities and ₦107 trillion in assets, raising doubts about the credibility of both figures.
Committee Chairman, Senator Aliyu Wadada, described the numbers as “mind-boggling,” asserting that the reported liabilities could not be substantiated. He also noted that the receivables used to justify the assets were unverifiable.
Wadada clarified that the figures under scrutiny were drawn directly from NNPCL’s own audited reports, emphasizing the importance of clear and verified responses from the company.
Several senators expressed frustration with NNPCL’s approach, criticizing the company’s failure to clarify the discrepancies despite earlier invitations. They accused the leadership of negligence, pointing to the presence of previous NNPCL representatives at earlier hearings as evidence of poor internal coordination.
Nevertheless, the committee agreed to the 21-day extension, urging the company to return with reconciled and accurate information.
Meanwhile, the civil society group Vanguard for Probity and Accountability has also weighed in on the matter. In a statement released in Port Harcourt, the group’s National Coordinator, Dr. Joel Abba, voiced concern over what he described as massive irregularities in NNPCL’s audited financials, urging the company to be transparent about its records. Abba said the Senate’s discovery of discrepancies amounting to over ₦210 trillion should be a serious cause for concern.
