Amanze ChinonyeThe Nigerian Senate has issued a 21-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to provide a detailed and reconciled response to audit queries concerning ₦210 trillion in financial discrepancies uncovered in its audited financial statements covering 2017 to 2023.
This directive was issued by the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada (Nasarawa West), following the appearance of NNPCL’s Group Chief Executive Officer (GCEO), Bayo Ojulari, before the committee on Tuesday. Ojulari, who has spent just over 100 days in office, pleaded for more time to adequately study and respond to the concerns raised.
Join our WhatsApp ChannelThe discrepancies in question involve ₦103 trillion in liabilities and ₦107 trillion in assets and receivables figures which lawmakers described as “mind-boggling,” largely unverified, and in need of reconciliation.
“These figures are drawn directly from NNPCL’s own audited financial statements,” Senator Wadada stated. “The liabilities cannot be substantiated, and the receivables that make up the assets are not backed by verifiable documentation. This committee cannot accept these figures as they stand.”
While some lawmakers raised concerns over Ojulari’s unfamiliarity with the queries, the GCEO acknowledged the gravity of the audit flags and requested time to conduct a thorough internal review.
“I have been in office for barely 100 days. Given the explanation I’ve heard today, my perspective has changed,” Ojulari said. “I need to assemble a team and work with our auditors to properly understand and reconcile these numbers before I can offer this committee a proper response.”
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His request came after he failed to attend multiple previous committee invitations, which had already led to a 10-day ultimatum in June. His appearance on Tuesday marked his first direct engagement with the committee, although NNPCL had sent representatives to earlier hearings.
Senator Wadada stressed that the committee’s focus was not political but rooted in accountability and transparency. “No one is saying the ₦210 trillion is stolen or missing. We are simply demanding an accurate and reconcilable account of the company’s assets and liabilities as reported by NNPCL itself.”
Other members of the committee expressed frustration with the GCEO’s apparent unpreparedness. Some questioned how a chief executive of a state-owned company of NNPCL’s magnitude could appear before parliament without a firm grasp of its financial records.
Nevertheless, in response to Ojulari’s appeal, the committee extended its deadline, mandating NNPCL to return within 21 days with a comprehensive and reconciled submission addressing all 18 identified queries from the Auditor-General’s report.
This development adds to growing scrutiny over financial transparency in Nigeria’s oil sector, especially as the government continues to push for improved governance and accountability in state-owned enterprises.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
