The Nigerian Senate Committee on Public Accounts has issued a 21-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to clarify financial discrepancies amounting to ₦210 trillion uncovered in its audited financial reports.
During a public hearing on Monday, NNPCL’s Chief Executive Officer, Bayo Ojulari, pleaded for additional time to thoroughly review the flagged discrepancies. He cited his relatively short tenure of 100 days in office as a key reason for his limited grasp of the complex financial queries raised.
“I need time to conduct a detailed internal review and reconciliation,” the NNPCL CEO stated. “The figures presented today have reshaped my understanding of the situation, and I will assemble a dedicated team to address the committee’s concerns adequately.”
The contentious figures include ₦103 trillion in liabilities and ₦107 trillion in assets, which lawmakers described as unverified and alarming. Senator Aliyu Wadada, Chairman of the Public Accounts Committee, insisted the numbers raise serious transparency concerns.
“These figures are staggering and lack proper substantiation,” Senator Wadada said. “The liability claims can not be accepted without verification, and even the asset receivables are questionable.”
Some senators criticized NNPCL for its lack of preparedness, accusing the corporation of treating the committee’s summons with levity. Lawmakers expressed frustration that NNPCL’s leadership appeared unfamiliar with critical financial details despite prior engagements through company representatives.
While the committee acknowledged the CEO’s appeal for time, they insisted that the NNPCL must present a comprehensive, reconciled report within 21 days.
The ₦210 trillion discrepancy is derived from NNPCL’s audited financial statements spanning 2017 to 2023. The Senate is demanding clear and transparent explanations to ensure accountability in the management of public resources.
