Senate panel rejects NNPCL’s explanations on ‘unaccounted’ N210trn, demands Ojulari’s appearance

The senate committee on public accounts has rejected the written explanations submitted by the management of the Nigerian National Petroleum Company Limited (NNPCL) over the “unaccounted” N210 trillion in its audited financial statements between 2017 and 2023.

On October 7, Aliyu Wadada, chairman of the committee, said the NNPCL has responded to all 19 questions raised over its finances.

The committee, relying on a report from the office of the auditor-general of the federation, began scrutinising NNPCL’s financial records.

The audit queries revealed that N210 trillion was unaccounted for, divided into N103 trillion in liabilities and N107 trillion in assets.

However, the NNPCL management responded to the queries in writing but did not appear before the committee on Tuesday, despite having agreed to the date.

While Wadada described the action as “offensive evasiveness”, committee members expressed displeasure at the absence of the company’s management.

He said the committee would no longer recognise any representation sent in place of Bayo Ojulari, the group chief executive officer of the company (GCEO).

“Today, November 11, 2025, was a date chosen by NNPC,” he said.

“It is rather unfortunate that none of the officials of NNPC is here on a date they themselves chose. The public has been waiting for this. It is important that we keep Nigerians informed.”

He said the committee would proceed based on the documents already submitted, noting that the explanations provided raised serious concerns about claims of N103 trillion in accrued expenses and N107 trillion in receivables, totalling N210 trillion.

Wadada said the submissions contradicted records available to the committee.

“NNPC claimed N103 trillion as accrued expenses and N107 trillion as receivables—amounting to N210 trillion,” he said.

“On question eight, NNPC’s explanation on the N107 trillion receivables — equivalent to about $117 billion — contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this.”

He also questioned how the company could claim to have paid N103 trillion in cash calls in 2023 alone, noting that it reported generating only N24 trillion in crude revenue between 2017 and 2022.

“Cash call arrangements were abolished in 2016 under the Buhari administration,” he said.

“How can NNPC claim to have paid N103 trillion in one year when it only generated N24 trillion in revenue over five years? Where did NNPC get that money?”

He said the sum must be returned to the treasury, pending clarification from the company.

He added that the committee rejected NNPCL’s claim of N107 trillion in receivables, partly said to be held in defunct banks.

“No bank or amount was named. This lack of transparency is unacceptable,” Wadada said.

He said the committee would summon former officials of NNPCL and the National Petroleum Investment Management Services (NAPIMS) if necessary.

He stressed that NAPIMS, by law, cannot maintain an independent account.

He warned that future invitations to NNPCL would require the physical appearance of the group chief executive officer.

“At any point this committee invites NNPC; the chief executive must appear in person,” he said.

“Being out of the country will no longer be accepted as an excuse.”