..Committee Dismisses Ojulari’s Explanation As Inadequate
… Kyari, Former Officials To Appear Before Lawmakers
Daud Olatunji
The Senate Committee on Public Accounts has expressed dissatisfaction with explanations offered by the leadership of the Nigerian National Petroleum Company Limited over alleged ₦210 trillion discrepancies discovered in the company’s financial records.
Chairman of the committee, Senator Aliyu Wadada, said the clarifications provided by the NNPCL management led by its Group Chief Executive Officer, Bayo Ojulari, failed to adequately justify the financial entries flagged during the review of the company’s audited accounts from 2017 to 2023.
Wadada, who represents Nasarawa West Senatorial District, disclosed this during an appearance on Channels Television’s Sunday Politics, noting that several figures recorded in the oil company’s books were not properly substantiated.
According to him, the committee particularly queried ₦103 trillion listed as accrued expenses under liabilities without detailed supporting records.
He said, “What is contained in the audited financial statement of NNPC is the ultimate document that reflects its financial dealings in terms of assets and liabilities.
Under liabilities, NNPC recorded ₦103 trillion as accrued expenses, but none of the items had figures linked to them. That is indicting enough and not acceptable.”
The lawmaker added that the former Group Chief Executive Officer of the company, Mele Kyari, did not defend the contentious ₦210 trillion entries during his tenure.
The controversy followed the Senate panel’s scrutiny of the company’s financial statements covering the six-year period, during which lawmakers flagged transactions totalling ₦210 trillion that they said had not been adequately explained.
Describing the figure as staggering, Wadada said the amount was difficult for any reasonable person to comprehend.
“The mind-boggling figure of ₦210 trillion, to every normal mind, cannot be easily comprehended if it is said to be missing,” he said.
The committee has since summoned former top management officials of the national oil firm, including Kyari, to appear before lawmakers to clarify the discrepancies.
Ojulari had earlier appeared before the panel on July 29, 2025, in response to an earlier summons, where he requested additional time to examine the issues raised.
“I have been in office for barely 100 days and need time to fully understand the issues. Given the explanations I heard today, my perspective has changed. I will conduct further internal reviews and reconciliation to provide the answers required,” he told the committee.
Wadada explained that accounting standards require that financial figures recorded as assets or liabilities must pass through profit and loss accounts before they can be properly recognised in financial statements.
He added that the committee would soon invite former management officials of the company to appear at a public hearing to explain the discrepancies.
“We will invite the past leadership to appear before the committee in a public hearing to clear the air in this controversial and unacceptable situation. Immediately after the Eid, letters will be sent through the GMD of the NNPC,” he said.
The lawmaker also stated that the committee would not hesitate to question any government official if necessary, including the Minister of Petroleum Resources, President Bola Tinubu.
“When the need arises, we will invite anyone, including the minister or even the president,” Wadada said, although he added that the committee did not believe the President was aware of the alleged discrepancies.
The Senate panel further raised concerns over another ₦107 trillion listed as sundry receivables in the company’s accounts, described as funds owed to the firm by banks and other entities but considered unverifiable due to lack of detailed documentation.
Lawmakers also queried about ₦5.9 billion reportedly spent on the company’s rebranding, as well as issues relating to subsidy payments and disputed production costs.
The committee noted that the company had generated about ₦24 trillion in revenue within five years, making the ₦103 trillion liability figure difficult to reconcile.
Meanwhile, President Tinubu recently issued Executive Order No. 9 of 2026 aimed at reforming the fiscal framework of the Petroleum Industry Act.
The directive mandates that revenues from oil and gas operations under Production Sharing Contracts be paid directly into the Federation Account and suspends the 30 per cent management fee previously retained by NNPC Limited, as well as the 30 per cent Frontier Exploration Fund deduction.
The Senate committee said it would continue its investigation until the financial records are fully reconciled and clarified.
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