The Senate has given the Bayo Ojulari-led Nigerian National Petroleum Company Limited (NNPCL) 21 days to respond to queries over N210 trillion in unreconciled funds flagged in audited financial statements.
Ojulari, the Group Chief Executive Officer (GCEO) of the NNPCL, was issued the three-week ultimatum on Monday when he appeared before the Senate Committee on Public Accounts, after failing to honour four earlier invitations.
Chairman of the committee, Senator Ahmed Wadada (Nasarawa West), said the amount in question comprised N103 trillion in liabilities and N107 trillion in assets, as contained in 19 audit queries raised by the Office of the Auditor General for the Federation, covering the period from 2017 to 2023.
“The committee has not said the N210 trillion was stolen or missing,” Wadada clarified. “What we are doing is in line with our constitutional mandate to examine the audited accounts of public institutions.”
Ojulari, who apologised for his earlier absences, requested more time to properly review the queries. He explained that having spent just over 100 days in office, he needed to understand the details and context of the figures.
“I still need time to do further digging,” he told the committee. “Your explanation now changes my perspective about the issues.”
Although he initially sought four weeks, the committee granted him three, after which he is expected to submit written responses and return for further questioning alongside other members of the NNPCL management team.
Lawmakers stressed the seriousness of the matter, with several senators underscoring the need for transparency in the operations of the state-owned oil company.
Senator Victor Umeh (Anambra Central) said: “NNPCL is in possession of Nigeria’s economic prosperity. We must ensure transparency.”
Senator Babangida Hussaini (Jigawa North West) added that the issues raised were “germane and critical,” while Senator Tony Nwoye (Anambra North) emphasised the need for a fair hearing, suggesting that the audit report might contain errors.
The committee reiterated that its focus is accountability and that the NNPCL would be given ample opportunity to defend its records.
