NNPCL Boss Bayo Ojulari Appeals to Senate for More Time to Probe ₦210 Trillion Financial Discrepancy
The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has requested additional time from the Senate to investigate and clarify financial inconsistencies amounting to ₦210 trillion.
Ojulari made the appeal on Monday, July 29, during his appearance before the Senate Committee on Public Accounts. He asked for a grace period to thoroughly examine and reconcile figures from the company’s audited financial statements spanning 2017 to 2023.
“I’ve only been in office for about 100 days, and after today’s session, I realize the depth of the issues at hand,” Ojulari stated. “I need time to conduct an internal review and properly address the concerns raised by the committee.”
Ojulari assured lawmakers that he would set up a special task force within the NNPCL to address the Senate’s concerns and ensure accurate responses are delivered.
The committee expressed alarm over ₦103 trillion in reported liabilities and ₦107 trillion in assets, calling both figures “alarming” and lacking proper verification. Senator Aliyu Wadada, who chairs the committee, said the numbers were unacceptable without solid evidence.
“The liabilities are unsubstantiated, and even the receivables that make up the assets cannot be independently verified,” Wadada said, emphasizing that the ₦210 trillion cited was drawn directly from NNPCL’s own audited records.
Some members of the committee criticized the NNPCL for what they perceived as a dismissive attitude toward legislative oversight. They also questioned Ojulari’s unfamiliarity with the company’s financial details, especially after previously delegating representatives to prior hearings.
In response to the GCEO’s request, the Senate committee granted NNPCL 21 days to return with a detailed and reconciled explanation of the discrepancies.
The situation underscores intensifying scrutiny of the financial practices within NNPCL, which was restructured into a limited liability company in 2022 to enhance efficiency and accountability.
