The Senate Committee on Public Accounts (PAC) has rejected the Nigerian National Petroleum Company Limited’s (NNPCL) explanations regarding an alleged ₦210 trillion discrepancy in its books, demanding the personal appearance of the company’s Group Chief Executive Officer, Bayo Ojulari

The figure, spanning 2017 to 2023, reportedly comprises ₦103 trillion in accrued expenses and ₦107 trillion in receivables. While the Committee clarified that it is not alleging theft, it insists the massive amounts must be fully accounted for The Committee criticised NNPCL for sending representatives instead of the GCEO to earlier meetings, calling such actions “offensive evasiveness.” Senator Aliyu Wadada, Chair of the Committee, stated that future sessions would require Ojulari’s presence, adding that excuses such as being abroad would no longer be accepted. NNPCL has submitted written responses to 19 queries from the Senate PAC. However, the Committee said it is yet to fully scrutinise the responses, signalling that more detailed explanations are expected in the coming weeks. The GCEO, upon finally appearing before the Committee, apologised for his previous absences and requested time to examine the technicalities, citing his relatively recent appointment. The ₦210 trillion discrepancy has raised concerns over transparency and governance in Nigeria’s oil sector. Observers note that such unaccounted sums could have implications for public finances, investor confidence, and the credibility of state-owned enterprises. The Committee has warned that failure to satisfactorily explain the discrepancies could lead to further actions, including possible referrals to anti-corruption agencies and demands for structural reforms within NNPCL. As the standoff continues, the eyes of the nation remain on Ojulari and NNPCL, with stakeholders awaiting clarity on the enormous sums in question.