Senate Demands Answers From NNPCL Over ₦210 Trillion Financial Discrepancies.
The Nigerian Senate has escalated its probe into the Nigerian National Petroleum Company Limited (NNPCL), issuing a 10-day ultimatum for the state-owned oil giant to explain discrepancies exceeding ₦210 trillion in its audited financial statements from 2017 to 2023. The Senate Committee on Public Accounts, led by Senator Aliyu Wadada, voiced alarm over the findings during investigative hearings, underscoring concerns about transparency and accountability within the NNPCL.
At a recent session in the National Assembly, lawmakers expressed dismay at what they termed “staggering” irregularities in the company’s financial records. The discrepancies include ₦103 trillion in accrued expenses and ₦107 trillion in receivables, as identified in audit reports. Senator Wadada rejected NNPCL’s request for a two-month extension to respond, calling it “unacceptable” and accusing the company of evading accountability. He warned that failure to comply by 20 July could trigger constitutional sanctions.
The committee’s irritation was heightened by the absence of NNPCL’s Group Chief Executive Officer, Bayo Ojulari, who delegated the Chief Financial Officer, Dapo Segun, to represent him. Ojulari was reportedly attending an OPEC meeting in Vienna. Senators, including Abdul Ningi and Adams Oshiomhole, condemned this as disrespectful to the National Assembly, with Oshiomhole describing NNPCL’s track record as “tainted” by allegations of fraud. The committee insisted that Ojulari must appear in person to address the 11 critical queries raised.
A glaring issue highlighted was the conflicting financial performance between NNPCL and its subsidiary, the National Petroleum Investment Management Services (NAPIMS). While NNPCL reported a loss of ₦16 billion between 2017 and 2021, NAPIMS declared a profit of ₦9 trillion in the same period. Lawmakers questioned how such disparities could exist within the same organisation, fuelling suspicions of mismanagement or deliberate concealment.
The Senate stressed that it is not accusing NNPCL of misappropriation but insisted that the company must account for the unverified sums. “This is about ensuring every naira is properly accounted for,” Senator Wadada declared, emphasising the committee’s constitutional duty to uphold fiscal integrity. The probe has attracted scrutiny from anti-corruption bodies, with representatives from the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), and the Department of State Services (DSS) present at the hearings.
With NNPCL’s transition to a limited liability company, calls for robust oversight have intensified, given its critical role in Nigeria’s economy. The outcome of this investigation is poised to impact the oil sector, government revenue, and public trust. As the 10-day deadline approaches, Nigerians are eager for clarity on the management of their nation’s oil wealth.
