The Senate Committee on Public Accounts has insisted that the Nigerian National Petroleum Company Limited (NNPCL) must account for ₦210 trillion in its audited financial statements covering 2017 to 2023.
At a hearing in Abuja on Thursday, the committee expressed frustration over what it described as “vague financial information” surrounding accrued expenses and receivables totalling over ₦210 trillion.
NNPCL’s Group Chief Executive Officer, Bayo Ojulari, was summoned to address 11 pending questions related to the company’s accounts but failed to appear. Instead, the company’s Chief Financial Officer, Dapo Segun, represented him, citing the GCEO’s participation at an OPEC meeting abroad. This explanation angered senators, who reminded the company that its leadership owed accountability to Nigerians.
Senator Aliyu Wadada, who chairs the committee, said the issue wasn’t about missing funds but about financial clarity. “We never said NNPCL stole ₦210 trillion, but you must account for it,” he stated.
Wadada said the committee uncovered ₦103 trillion listed as accrued expenses – including retention and legal fees – without proper documentation. Another ₦103 trillion in receivables raised additional questions, especially after the company submitted a contradictory document to the committee on the same day.
Senators Abdul Ningi and Adams Oshiomhole criticized the company’s leadership, calling the excuses unacceptable and accusing NNPCL of a pattern of opacity. Wadada also dismissed suggestions that the Senate panel lacked the expertise to understand the financials, highlighting the presence of experienced accountants and legal experts on the committee.
The committee adjourned the session to next Tuesday and vowed the matter would not be ignored.
