BREAKING: Senate Summons NNPCL CEO Bayo Ojulari Over Missing ₦210 Trillion

Senate has summoned NNPCL CEO Bayo Ojulari over alleged missing ₦210 trillion.

NewsOnline Nigeria reports that the Senate Public Accounts Committee (SPAC) has summoned the Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, to appear in person and explain the alleged disappearance of ₦210 trillion from the company’s financial records.

The lawmakers expressed outrage on Tuesday after NNPCL management failed to attend a scheduled hearing, despite personally selecting the date. Instead, the company sent a delegation, which the committee rejected.

Committee Chairman Senator Ahmed Wadada described the absence of NNPCL officials as a blatant disregard for the National Assembly and a deliberate attempt to evade accountability.

ALSO: Senate Slams NNPCL Over Alleged Missing ₦210 Trillion, Questions Credibility of Financial Records

“It is rather unfortunate that none of the officials of NNPC are here, on a date they themselves chose,” Wadada said. “The public has been waiting for this explanation, and Nigerians deserve answers.”

The committee had earlier raised 19 audit questions about discrepancies in NNPCL’s financial statements from 2017 to 2023, but said the company’s written responses were unsatisfactory.

According to the Senate, NNPCL’s reports showed ₦103 trillion in accrued expenses and ₦107 trillion in receivables, figures the lawmakers described as unrealistic and suspicious.

Wadada further revealed that NNPCL and its subsidiary, NAPIMS, allegedly imposed illegal subsidies on both crude oil and refined products between 2017 and 2021, in violation of financial regulations.

“Between 2017 and 2021, NAPIMS charged a subsidy on crude oil, which is illegal. There is nowhere in our laws where subsidy is allowed on crude. At the same time, NNPC charged subsidy on refined petroleum products such as kerosene, diesel, and fuel. This practice is both illegal and unacceptable,” the senator declared.

The committee also raised concerns over NNPCL’s claim that it paid ₦103 trillion in cash calls to joint venture partners in 2023 alone despite generating only ₦24 trillion in crude oil revenue over five years.

“Cash call arrangements were abolished in 2016. How can NNPC claim to have paid ₦103 trillion in one year when it only earned ₦24 trillion in five years? Where did NNPC get that money?” Wadada asked.

Describing the company’s figures as “unjustifiable and misleading,” the committee warned that the ₦103 trillion could be recommended for refund to the national treasury if the NNPCL fails to provide credible explanations.

The committee has now directed that the NNPCL CEO must personally appear before lawmakers to answer further questions over the alleged missing funds.

The controversy deepens public concern about transparency and financial discipline within Nigeria’s national oil company, already facing mounting criticism over its opaque operations and poor accountability.