Senate Demands Full Account from NNPC Over N210 Trillion in Questionable Financial Records

The Senate Committee on Public Accounts has insisted that the Nigerian National Petroleum Company Limited (NNPCL) must provide clear explanations for ₦210 trillion in financial entries that appear inconsistent or incomplete in its audited accounts.

At a sitting on Thursday, the committee expressed concern over what it described as “vague financial information” discovered during its review of the company’s audited financial statements for the years 2017 to 2023. The committee clarified that it is not accusing the NNPCL of theft but demands transparency and accountability.

“You have an account that is not netted off. That is unacceptable,” said Senator Aliyu Wadada, Chairman of the Committee. “We never said NNPCL stole ₦210 trillion, but you must account for it.”

The NNPCL’s Group Chief Executive Officer (GCEO), Mr.  Bayo Ojulari, was expected to appear before the Senate to answer 11 specific questions regarding the funds. However, he was absent and was represented by the company’s Chief Financial Officer, Mr. Dapo Segun. Segun explained that Ojulari was attending an OPEC event abroad and would not return until the weekend.

This explanation angered some senators, who emphasized the importance of accountability to Nigerians. Senator Abdul Ningi said, “You can travel to OPEC because Nigerians gave you the opportunity. Now those same Nigerians are asking for answers through the Senate, and you are unavailable.”

Senator Adams Oshiomhole criticized NNPCL’s historical lack of transparency, calling the organization “dirty” and urging it to respect the Constitution and the people it serves.

Senator Wadada pushed back against any suggestion that the committee lacked the expertise to interpret the documents. He noted that several members of the panel are highly qualified professionals, including former governors, accountants, and a Senior Advocate of Nigeria (SAN).

The committee had earlier issued a one-week ultimatum to the NNPCL after raising serious concerns from the audited statements. Two key areas accrued expenses and receivables account for the ₦210 trillion in question. The Senate said these entries were not properly explained.

For example:

Accrued expenses were listed as ₦103 trillion, which included retention fees, legal fees, and auditors’ fees, but with no clear breakdown or corresponding contracts.

Receivables also totaled ₦103 trillion, but a new document submitted by NNPCL contradicted the information in the audited statement.

Wadada said the figures are not only “scary and worrisome” but also a major concern in light of President Bola Tinubu’s push for reforms and improved funding under the Renewed Hope Agenda.

He emphasized that transparency from NNPCL is critical, especially as the company plans to go public with an Initial Public Offering (IPO). “If reconciliation was not done, why did they sign off on the audited financial statement?” Wadada asked.

The committee has now adjourned until Tuesday next week, with a new date to be announced for the GCEO’s appearance.