BREAKING: NNPCL Gets Fresh Deadline To Account For Missing ₦210 Trillion

NNPCL has been given a fresh deadline to account for missing ₦210 trillion.

 

NewsOnline Nigeria reports that the Senate Committee on Public Accounts has issued a 21-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to provide detailed explanations for financial inconsistencies amounting to ₦210 trillion, uncovered in its audited financial statements from 2017 to 2023.

This directive followed an appearance by NNPCL’s Group Chief Executive Officer, Bayo Ojulari, before the committee on Tuesday. Ojulari, who has held the position for just over 100 days, appealed for more time to properly study and reconcile the flagged discrepancies.

“I have been in office for barely 100 days and I need time to fully understand the issues,” Ojulari told lawmakers.
“Given the explanation I’ve heard today, my perspective has changed. I need to carry out further internal review and reconciliation to provide the answers the committee requires.”

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Ojulari assured the Senate that a dedicated team would be assembled to address the concerns raised and to ensure a comprehensive response within the stipulated time frame.

The committee’s inquiry revealed troubling figures; ₦103 trillion in liabilities and ₦107 trillion in assets which lawmakers described as both unverifiable and unacceptable.

Chairman of the committee, Senator Aliyu Wadada, expressed serious reservations about the credibility of the financial data.

“The amount is mind-boggling. The liability figure cannot be substantiated and is therefore not acceptable to this committee. Even the receivables making up the asset component cannot be verified,” Wadada said.

He clarified that the figures under scrutiny were directly extracted from NNPCL’s own audited reports and insisted on a detailed breakdown and substantiation of the stated liabilities and assets.

Lawmakers Slam NNPCL for Lack of Preparedness

 

Several senators criticized NNPCL’s posture during the probe, accusing the company of showing a lack of seriousness and accountability. They questioned why the GCEO appeared unfamiliar with key financial records despite earlier appearances by company representatives at previous hearings.

Despite the concerns, the committee resolved to grant Ojulari’s request, setting a 21-day deadline for NNPCL to return with reconciled figures and clear justifications.

This development comes amid increasing calls for transparency and accountability in Nigeria’s oil sector, particularly after NNPCL’s transition to a limited liability company in 2022, a move that was expected to usher in more corporate governance and fiscal discipline.