By Rafiyat Sadiq
The Senate has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to audit queries concerning N210 trillion recorded in its financial statements from 2017 to 2023.
The Senate Public Accounts Committee, chaired by Senator Ahmed Wadada (Nasarawa West), issued the directive during a session with NNPCL’s Group Chief Executive Officer, Engineer Bayo Ojulari, on Tuesday.
Senator Wadada clarified that the amount in question was neither missing nor stolen but remains unaccounted for in the audited reports. He said the committee was acting on its constitutional mandate to investigate financial discrepancies based on the auditor general’s reports.
“The N210 trillion is split into N103 trillion in liabilities and N107 trillion in assets. These must be properly explained. The queries didn’t come from the legislature or judiciary but from official audit reports,” Wadada said.
Ojulari, who recently assumed office as GCEO, apologised for previously missing invitations and asked for more time to study the 19 audit queries.
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“I’ve spent just over 100 days in this role. I need to understand the context and technical issues better. I’ll engage my team, auditors, and relevant stakeholders to prepare a proper response,” he said.
Though he requested four weeks, the committee approved three weeks, which Ojulari accepted.
Senator Wadada said the NNPCL must submit written responses within the period, after which Ojulari and his management team will appear before the committee for further clarification.
Other members of the committee expressed confidence in Ojulari’s willingness to address the concerns.
Senator Victor Umeh (Anambra Central) said, “We are glad you are here. NNPCL holds the key to our economic prosperity, and we need full transparency.”
Senator Babangida Hussaini (Jigawa North West) added that the issues raised are serious and must be addressed. “Governance is a continuum, and the management must take responsibility,” he said.
Senator Tony Nwoye (Anambra North) stressed the importance of a fair hearing, saying the audit findings may contain errors that need clarification.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.
