By Emeka Blast 
Senate Grills NNPCL GCEO, Issues 3-Week Deadline on N210trn Account Gap
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Engineer Bayo Ojulari, finally appeared before the Senate Committee on Public Accounts on Tuesday, July 29, 2025, after four consecutive no-shows, to address audit queries over an alleged N210 trillion financial discrepancy spanning 2017 to 2023. The committee, chaired by Senator Ahmed Wadada (Nasarawa West), issued a stern three-week ultimatum for Ojulari to submit written responses to 19 audit queries, following a heated session marked by his apology for prior absences and a plea for more time to unravel the “technical complexities” of the issues.
The N210 trillion discrepancy, flagged by the Office of the Auditor-General of the Federation, comprises N103 trillion in unsubstantiated liabilities and N107 trillion in unverifiable assets, as extracted from NNPCL’s audited financial statements. Wadada emphasized that the committee has never accused NNPCL of theft or missing funds, stating, “This committee has not at any time said the N210 trillion was stolen or missing. What we are doing is requiring investigation in line with our constitutional mandate.” He clarified that the queries, which include N600 billion in undocumented retention fees and conflicting financial reports between NNPCL and its subsidiary NAPIMS, stem solely from the Auditor-General’s findings, not from the Senate, executive, or judiciary.
Ojulari, in office for just over 100 days, admitted to being unprepared for the depth of the queries, citing his recent appointment and the need to consult external auditors. “Your explanation has provided me with a new perspective on the issues. I will engage relevant groups to reconcile the details,” he told the committee, requesting four weeks but receiving three. The session, attended by representatives from the EFCC, ICPC, NFIU, and DSS, underscored the gravity of the probe, with lawmakers warning that failure to comply could lead to legislative sanctions, including a potential arrest warrant previously threatened on July 22.
Senator Victor Umeh (Anambra Central) stressed NNPCL’s pivotal role, saying, “Transparency is critical as NNPCL holds Nigeria’s economic prosperity.” Senator Babangida Hussaini (Jigawa North-West) added, “Governance is a continuum; these issues are germane and must be addressed.” Meanwhile, Senator Tony Nwoye (Anambra North) urged fairness, noting, “The audit report may not be entirely accurate, so we must give NNPCL a chance to respond.” The committee’s frustration was palpable, referencing Ojulari’s earlier absences, including a July 10 session where he cited an OPEC meeting and sent Chief Financial Officer Dapo Segun, a move Senator Adams Oshiomhole called “insulting.”
The probe has sparked widespread concern, with the Conference of Nigeria Political Parties (CNPP) slamming Ojulari’s initial defiance as an “affront to the Nigerian people” and demanding an independent judicial inquiry into NNPCL’s finances, alleging potential cover-ups of “monumental fraud.” Social media reactions on X, such as @MobilePunch’s post, “Senate gives NNPCL 3 weeks to explain N210trn discrepancy,” and @TruthSeeker234’s call for “full transparency,” reflect public unease. Critics argue that inconsistencies, like NAPIMS reporting a N9 trillion profit while NNPCL posted a N16 billion loss for the same period (2017-2021), highlight systemic issues in Nigeria’s oil sector.
The Senate’s ultimatum follows earlier deadlines, including a seven-day notice on June 18 and a 10-day extension on June 26, both unmet due to NNPCL’s delays. The committee’s resolve aligns with President Bola Tinubu’s Renewed Hope Agenda, emphasizing fiscal discipline as NNPCL transitions to a commercial entity under the Petroleum Industry Act. Analysts warn that unresolved discrepancies could erode investor confidence as NNPCL eyes a public listing.
