Senate Gives NNPCL 3 Weeks to Account for N210 Trillion in Audit Queries
Auditor General’s report raises 19 queries over unaccounted funds; Senate demands written explanation by mid-August
The Senate Public Accounts Committee has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to audit queries concerning N210 trillion in unaccounted funds flagged by the Office of the Auditor General of the Federation.
During a session on Tuesday, the committee, chaired by Senator Ahmed Wadada (Nasarawa West), emphasized that the funds in question were not declared stolen or missing but remained unexplained in the company’s audited financial statements from 2017 to 2023.
The committee issued the ultimatum to NNPCL’s Group Chief Executive Officer, Engineer Bayo Ojulari, after accepting his apology for repeatedly failing to honour four previous summonses. Ojulari, who has spent just over 100 days in office, appealed for additional time to properly review the 19 queries raised, noting that the issues required careful internal review and coordination with external auditors.
“I need to understand the issues myself so I can respond appropriately,” Ojulari said. “This is coming amid national responsibilities, but your explanation has helped reshape my view of the queries. I’ll assemble a team, engage the auditors, and ensure we provide detailed responses.”
While Ojulari requested four weeks, the committee granted him three, with the expectation that he will submit a comprehensive written response before appearing again—this time with other senior management—for a full defense.
Senator Wadada clarified that the N210 trillion flagged comprises N103 trillion in liabilities and N107 trillion in assets, and that the committee’s role is to investigate and reconcile the figures, not to accuse the company of theft.
“These are findings from the Auditor General’s report. We are operating within our constitutional mandate to ensure transparency and accountability in public institutions,” he said.
Committee members echoed the importance of transparency, with Senator Victor Umeh (Anambra Central) stating that NNPCL holds the key to Nigeria’s economic stability. Senator Babangida Hussaini (Jigawa North West) added that the company must address the concerns, stressing that governance is a continuous process. Senator Tony Nwoye (Anambra North) called for fair hearing, suggesting that there may be discrepancies in the audit itself.
The committee expects the NNPCL to submit its written explanation within the three-week timeframe before scheduling a follow-up session for oral defense.
