The Nigerian Senate has issued a three-week ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to respond to a series of audit queries involving a staggering N210 trillion. The directive was handed down on Tuesday by the Senate Committee on Public Accounts, following a high-level session with the Group Chief Executive Officer (GCEO) of NNPCL, Mr. Bayo Ojulari.
The audit reports in question span a six-year period from 2017 to 2023 and were extracted from the Auditor-General’s financial review. The queries concern two major components: N103 trillion in liabilities and N107 trillion in assets that remain unaccounted for in the corporation’s books.
Senator Ahmed Wadada, Chairman of the Committee and representative of Nasarawa West, made it clear that the Senate was not accusing the NNPC of theft or misappropriation. Instead, he stressed that the concerns revolve around a lack of proper documentation and accounting.
“These questions didn’t come from the executive or judiciary,” Senator Wadada clarified. “They are derived solely from the audited financial statements of NNPCL, and it is our constitutional duty to investigate them.”
He added that the committee has raised 19 specific audit questions and expects detailed written responses within three weeks. Following this, the GCEO and his management team will be invited back for a formal defence session.
This marks the first official appearance of Mr. Ojulari before the Senate since his appointment just over 100 days ago. The GCEO offered an apology for his initial failure to honour earlier invitations and appealed for more time to adequately prepare NNPC’s responses.
“I appreciate your patience,” Ojulari said. “I am still settling into the role and want to fully understand the context and details of these queries. I will engage external auditors and other stakeholders to ensure our responses are thorough and accurate.”
Although Ojulari initially requested four weeks to coordinate a comprehensive reply, the committee granted only three, citing the urgent need for accountability in the management of public resources.
Other senators also weighed in on the matter, underscoring the critical importance of transparency in the operations of NNPCL, which they described as the cornerstone of Nigeria’s economic viability.
“The NNPC holds the key to our national prosperity. We must ensure its operations are conducted transparently and in line with global best practices.”
Senator Babangida Hussaini (Jigawa North West) echoed similar concerns, stressing that “Governance is a continuum, and there is no excuse not to provide answers to these legacy issues.”
Senator Tony Nwoye (Anambra North) advocated for a fair hearing, noting that “some parts of the audit report may not accurately reflect the reality within NNPCL.”
The outcome of this investigation could have far-reaching implications for Nigeria’s oil and gas sector, as well as ongoing reforms in the country’s public finance management system.
This audit probe aligns with a broader effort by the Nigerian Senate to enforce transparency and fiscal discipline across government agencies. NNPCL, which transitioned into a commercial entity under the Petroleum Industry Act, is under increased scrutiny as stakeholders demand greater accountability and openness.
As Nigeria battles revenue shortfalls, fuel subsidy burdens, and a volatile exchange rate, clarity in the management of the national oil company’s finances is seen as crucial to restoring investor confidence and shoring up public trust.