Senate Gives NNPCL Three Weeks to Respond to N210 Trillion Audit Queries

The Senate Committee on Public Accounts has issued a three-week deadline to the Nigerian National Petroleum Company Limited (NNPCL) to respond to audit queries involving unaccounted liabilities and assets totalling N210 trillion, as flagged in audit reports spanning 2017 to 2023.

The directive came after the Group Chief Executive Officer (GCEO) of NNPCL, Engr. Bayo Ojulari, appeared before the committee on Tuesday to offer an apology for previously failing to appear and to request more time to adequately address the 19 audit queries raised by the Office of the Auditor-General of the Federation.

Ojulari, who has been in office for just over 100 days, told lawmakers that the complexity and volume of the flagged discrepancies required a thorough internal review. He pledged to assemble a team—including external auditors and internal experts—to ensure detailed and accurate responses.

“I’m still studying the technicalities of these issues. Your explanations today have even broadened my understanding. I request time to dig deeper into the figures and perspectives,” Ojulari told the committee. “I will ensure a proper reconciliation of the queries before returning with a response.”

Though he initially requested four weeks, the Senate Committee, chaired by Senator Aliyu Wadada (SDP, Nasarawa West), granted a three-week window. The committee expects a comprehensive written response to all 19 audit queries within the stipulated time, after which Ojulari and his management team will be required to appear again for physical defence.

The financial concerns center on discrepancies involving N103 trillion in liabilities and N107 trillion in assets—figures the Senate described as “troubling and largely unsubstantiated.”

“The amount is mind-boggling,” Senator Wadada said. “The liabilities cannot be substantiated, and the receivables within the assets component are not verifiable. These figures were not invented by the committee—they are from the audited financial statements submitted to the Auditor-General.”

Senator Wadada clarified that the committee is not accusing NNPCL of theft or fraud, but is performing its constitutional oversight function by scrutinizing financial records and demanding accountability.

“This is not a witch-hunt,” he added. “The N210 trillion is not missing or stolen—it’s simply yet to be properly accounted for. We want explanations, not assumptions.”

Several Senators, including Senator Victor Umeh (LP, Anambra Central), criticized NNPCL’s previous absences and urged full transparency moving forward. Umeh emphasized that as custodian of Nigeria’s oil wealth, the NNPCL must demonstrate openness and accountability in all financial dealings.

“We are pleased to finally have the GCEO here with us. What we require now is complete transparency because NNPCL holds the key to Nigeria’s economic future,” Umeh said.

The committee maintained that failure to provide credible explanations could have serious consequences and stressed the need for continued public accountability in the management of national resources.

NNPCL is expected to submit its responses in writing within the next 21 days, after which a follow-up hearing will be held for further examination.