The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari has pleaded with the Senate for more time to properly investigate the issues surrounding the financial discrepancies amounting to ₦210 trillion.
Appearing before the Senate Committee on Public Accounts yesterday, July 29, Ojulari requested additional time to study and reconcile the issues flagged in NNPCL’s audited financial statements between 2017 and 2023.
“I have been in office for barely 100 days and I need time to fully understand the issues.
“Given the explanation I have heard today, my perspective has changed. I need to carry out further internal review and reconciliation to provide the answers the committee requires.”
The NNPCL Boss assured lawmakers that he would assemble a dedicated team to work on the Senate’s queries.
The committee had raised concerns over ₦103 trillion in liabilities and ₦107 trillion in assets, describing both figures as troubling and largely unverifiable.
Chairman of the Committee, Senator Aliyu Wadada, said that the figures were unacceptable without clear substantiation.
“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.”
He said that the ₦210 trillion in question was extracted directly from NNPCL’s audited accounts and demanded that the company should provide concrete explanations for its liabilities and assets.
Some senators criticised the company’s approach, suggesting that NNPCL had shown disregard for the committee’s oversight.
They questioned why the GCEO was unfamiliar with critical financial details despite having previously sent representatives to attend earlier hearings.
Following Ojulari’s appeal, the committee resolved to grant NNPCL 21 days to return with a comprehensive and reconciled response to address the discrepancies.
The development showcased growing scrutiny over financial transparency and accountability in Nigeria’s state-owned oil company, which underwent a transition to a limited liability company in 2022.
