The Senate Committee on Public Accounts has expressed deep concern over the alleged discrepancies in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPCL), amounting to a staggering ₦210 trillion for the period between 2017 and 2023.
Chairman of the Committee, Senator Ahmed Aliyu Wadada (Nasarawa West), while addressing the matter on Tuesday, July 29, 2025, at the National Assembly, stated that the queried amount consists of ₦103 trillion in liabilities and ₦107 trillion in assets. He emphasized that the concerns raised stemmed directly from the Auditor-General’s report and not from the lawmakers themselves.
The Group Chief Executive Officer (GCEO) of NNPCL, Mr. Bashir Bayo Ojulari, who had repeatedly failed to honour the Committee’s invitations, finally appeared in person to respond to the allegations. His absence had earlier forced the Committee to defer its investigative sessions without resolution.
While addressing the senators, Mr. Ojulari said, “I just came into a huge organisation which you actually know more than me. I am from the private sector, and there is so much to understand.”
He added, “I’ve just spent a little over 100 days on the job. I’m still trying to establish a baseline across the company. It’s a herculean task.”
On the specific audit queries, he stated, “Your commentary today brings a clearer perspective to what I actually thought was the issue. There’s quite some further digging I have to do myself.”
He pleaded for more time to review the matter, saying, “Mr. Chairman, I kindly request time to dig into the perspective you’ve raised. The understanding I had earlier was different.”
However, his explanations failed to appease the Committee. Senator Aminu Abbas (Adamawa Central) expressed disappointment, noted that those who previously represented Mr. Ojulari ought to have briefed him adequately on the gravity of the situation.
Senator Hussaini Babangida Uba (Jigawa North-West) stated that government is a continuum, stressed that regardless of his appointment date, the GCEO should have been thoroughly briefed and prepared to provide answers.
Senator Adams Oshiomhole also criticized the NNPCL leadership’s approach, suggesting that a private session between the Committee and NNPCL might help clarify the issues. Nonetheless, the Committee remained unconvinced.
Consequently, the Senate Committee gave Mr. Ojulari a three-week ultimatum to respond comprehensively to all 18 or 19 audit queries raised by the Auditor-General.
