ABUJA, Nigeria — The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) three weeks to respond to audit queries involving unaccounted assets and liabilities totalling N210 trillion, spanning 2017 to 2023.
The directive was issued on Tuesday, July 29, 2025, by Senator Ahmed Wadada, chairman of the committee, during a hearing with Bayo Ojulari, the Group Chief Executive Officer (GCEO) of NNPCL, who appeared after missing several prior invitations.
Wadada clarified that the staggering figure—comprising N103 trillion in liabilities and N107 trillion in assets—was not being considered as missing or stolen, but needed full explanation as flagged by the Office of the Auditor-General of the Federation.
“This committee had not at any time said the N210 trillion in question… was stolen or missing,” Wadada said.
“What the committee is doing is requiring investigation on queries raised in the report in line with its constitutional mandate.”
The NNPCL boss, who has been in office for just over 100 days, appealed for more time to study the details of the audit queries.
“I need more time to dig into the technicalities and perspectives of the issues,” Ojulari said.
“Your explanation has provided me with a new perspective. I will engage the external auditors and other relevant groups so we can reconcile the details and respond appropriately.”
While Ojulari requested four weeks, the committee insisted on a three-week deadline for submission of written responses to the 19 audit issues raised.
A physical appearance by the NNPCL management is expected to follow the submission.
Senator Wadada emphasised that the queries did not originate from the legislature, but were directly extracted from NNPCL’s audited financial statements by the auditor-general.
Other senators on the committee echoed the need for transparency and urgency.
Senator Victor Umeh (Anambra Central) stressed the importance of forthrightness, saying, “The NNPCL is the custodian of Nigeria’s economic prosperity. The public deserves honest answers.”
Senator Babangida Hussaini (Jigawa North-West) added that the explanations must be given regardless of leadership transitions: “Governance is a continuum. There must be accountability.”
