ABUJA, Nigeria — The Senate has rejected the explanations provided by the Nigerian National Petroleum Company Limited (NNPCL) regarding an alleged N210 trillion unaccounted for in its financial records, directing that the funds be refunded to the Federation Account.
The decision followed the absence of Bayo Ojulari, the Group Chief Executive Officer (GCEO) of the NNPCL, at the resumed investigative session of the Senate Committee on Public Accounts (SPAC) on Tuesday, November 11, 2025.
The committee, chaired by Senator Aliyu Wadada, had summoned Ojulari to clarify discrepancies in the company’s audited financial statements from 2017 to 2023, where a combined N103 trillion in accrued expenses and N107 trillion in receivables were recorded without satisfactory justification.
“NNPC claimed N103 trillion as accrued expenses and N107 trillion as receivables – amounting to N210 trillion,” Wadada said.
“On question eight, NNPC’s explanation on the N107 trillion receivables — equivalent to about $117 billion — contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this.”
Senator Wadada expressed disbelief at the NNPCL’s claim of paying N103 trillion in Cash Calls to Joint Venture (JV) partners in 2023 alone, despite generating only ₦24 trillion in crude oil revenue between 2017 and 2022.
“Cash Call arrangements were abolished in 2016 under the Buhari administration. How can NNPC claim to have paid N103 trillion in one year, when it only generated N24 trillion in revenue over five years? Where did NNPC get that money?” the senator queried.
“As far as this committee is concerned, that figure is unjustifiable and unacceptable. The N103 trillion must be returned to the Treasury.”
The committee expressed frustration over the GCEO’s absence, noting that the NNPCL provided no formal excuse for his failure to appear before the Senate panel.
Wadada said the explanations submitted by the company were “unsatisfactory and contradictory,” adding that the committee had given the NNPCL several opportunities to reconcile its books but that the responses raised even more questions.
“If the present management of NNPCL is finding it difficult to provide acceptable answers, it is better they say so,” Wadada said.
“The committee will not hesitate to subpoena former officials of NNPCL and NAPIMS to explain what happened to these funds.”
The Senate panel said its final position on the matter would be concluded when the NNPCL management appears before it, warning that continued evasion could trigger stronger parliamentary actions.
