By By Elizabeth Ugbo
The Senate Committee on Public Accounts, led by Aliyu Wadada, is investigating alleged ₦210 trillion discrepancies in the financial records of Nigerian National Petroleum Company Limited. The probe covers audited statements from 2017 to 2023. Lawmakers raised the issue during a review session in Abuja. The committee summoned current and former NNPCL officials, including Bayo Ojulari and Mele Kyari, to explain the entries. The investigation aims to clarify unexplained figures and ensure accountability.
Ojulari Requests More Time for Internal Review
During a committee session on July 29, 2025, NNPCL’s Group Chief Executive Officer Bayo Ojulari said he needed more time.
Ojulari explained that he had spent less than 100 days in office. Therefore, he required time to fully understand the financial records.
“I have been in office for barely 100 days. I need time to understand the issues,” he said.
He added that the explanations presented during the hearing changed his perspective. Consequently, he promised to conduct a detailed internal review.
Ojulari also pledged to assemble a team. The team will reconcile the figures and provide answers to the committee.
Senate Questions Accounting Methods
However, Senator Aliyu Wadada raised concerns about how the figures appeared in the financial statements.
He stressed that accounting standards require proper documentation.
According to him, assets or liabilities must pass through the profit and loss account before recognition in financial statements.
He also criticized the company’s reporting of ₦103 trillion in accrued expenses.
The committee chair said the figure lacked supporting details.
“NNPC listed ₦103 trillion as accrued expenses. However, none of the items carried specific figures,” he said.
He described the liabilities figure as unacceptable because it lacked proper documentation.
Committee Summons Former NNPCL Officials
Meanwhile, the committee has invited former management officials of the oil company.
The lawmakers want them to explain the discrepancies during a public hearing.
According to Wadada, the Senate will send formal invitations after the Eid celebration.
“We will invite the past leadership to clear the air on this controversial issue,” he said.
The summons includes former Group CEO Mele Kyari and other senior officials involved in the financial period under review.
Senate Not Afraid to Question Any Official
Furthermore, Wadada said the committee would question any government official if necessary.
This includes the Minister of Petroleum Resources and even Bola Ahmed Tinubu.
“We are not afraid to speak to the minister. If necessary, we will question the president,” he said.
However, he added that the committee believes the president currently knows nothing about the discrepancies.
Lawmakers Reject Political Motive Claims
Wadada also dismissed claims that the investigation carries political motives.
He insisted the probe is neither a witch-hunt nor a partisan exercise.
According to him, the committee seeks transparency and accountability in public finance.
“The ₦210 trillion figure is mind-boggling. No reasonable person can easily comprehend such an amount,” he said.
Background to the NNPCL Financial Probe
The controversy began after lawmakers reviewed NNPCL’s audited financial statements from 2017 to 2023.
During the examination, the Senate committee flagged financial entries totaling ₦210 trillion.
Lawmakers said the company failed to provide adequate explanations for the figures.
Consequently, the Senate launched a deeper investigation into the records.
The committee also said former management officials did not fully address the issue while in office.
