The Nigerian National Petroleum Company Limited (NNPCL) has been given a 21-day deadline by the Senate Committee on Public Accounts to explain staggering financial discrepancies totaling ₦210 trillion, uncovered in its audited financial reports from 2017 to 2023.
Senate Raises Alarm Over ₦210 Trillion in Unexplained Entries by NNPCL
During a tense Senate session on Tuesday, NNPCL’s newly appointed Group Chief Executive Officer, Bayo Ojulari, requested more time to review and reconcile the irregularities.
“I’ve only been in office for just over 100 days,” Ojulari stated. “I need time to fully understand the scope of these issues. What I’ve heard today changes my perspective, and I will initiate a deeper internal review to respond thoroughly.”
The Senate Committee flagged ₦103 trillion in liabilities and ₦107 trillion in assets in NNPCL’s records—figures that members say lack credible supporting evidence.
Senator Aliyu Wadada, Chairman of the Public Accounts Committee, described the discrepancies as “mind-boggling.”
“These numbers are unacceptable. They were taken directly from NNPCL’s own audited financial statements, yet we can’t verify them. The liabilities are particularly concerning,” Wadada emphasized.
Several lawmakers criticized NNPCL’s management for its handling of the matter, citing previous hearings where the company failed to present clear explanations.
They also expressed concern over the apparent disconnect between current leadership and past financial reporting.
Despite these frustrations, the committee granted NNPCL a 21-day extension to provide a reconciled and factual submission.
In a statement issued in Port Harcourt, Dr. Joel Abba, the group’s national coordinator, described the Senate’s findings as “deeply troubling” and urged immediate transparency.
“This isn’t just an accounting error—it’s a national concern,” Abba warned.
As Nigeria’s state-run oil giant, NNPCL plays a pivotal role in the nation’s economy.
Questions about financial mismanagement or lack of transparency could have far-reaching implications for public trust, investor confidence, and national revenue.
