NNPCL: ‘We’re Not Satisfied,’ Senate Committee Faults Ojulari’s Explanation Over Alleged ₦210trn Discrepancies

Senate Committee Rejects NNPCL’s Explanation Over ₦210 Trillion Financial Discrepancies
Updated March 8, 2026

The Senate Committee on Public Accounts has expressed dissatisfaction with the explanations provided by the leadership of the Nigerian National Petroleum Company Limited (NNPCL) regarding alleged discrepancies amounting to ₦210 trillion in the company’s financial records.

The committee chairman, Aliyu Wadada, who represents Nasarawa West in the Nigerian Senate, made this known during an interview on Channels Television’s Sunday Politics programme.

According to Wadada, the explanations offered by the current NNPCL management led by Group Chief Executive Officer Bayo Ojulari were not satisfactory.

He stressed that audited financial statements should serve as the final and most reliable record of a company’s financial activities, covering both assets and liabilities.

₦103 Trillion Liability Query

The lawmaker revealed that the company recorded ₦103 trillion as accrued expenses under liabilities but failed to provide sufficient supporting details explaining how the figure was calculated.

“NNPC listed ₦103 trillion as accrued expenses under liabilities, yet none of the items linked to this entry had figures attached to them,” Wadada said.

He added that the liability figure cannot be accepted because it lacks proper substantiation.

Former NNPCL Boss Summoned

The committee also noted that the former Group Chief Executive Officer of the oil company, Mele Kyari, did not defend the ₦210 trillion discrepancies while he was in office.

The issue arose during the Senate committee’s review of NNPCL’s audited financial statements covering 2017 to 2023, during which lawmakers identified financial entries totaling ₦210 trillion that they said were not adequately explained.

Wadada described the figure as “mind-boggling” and difficult to comprehend.

“The ₦210 trillion figure is staggering and difficult for any reasonable person to comprehend,” he said.

NNPCL Requests More Time

When he appeared before the committee on July 29, 2025, Ojulari explained that he had been in office for less than 100 days and required more time to fully understand the issues raised in the financial statements.

“I have been in office for barely 100 days and need time to fully understand the issues,” he said.

He pledged to conduct an internal review and reconciliation of the accounts and assemble a team to address the committee’s queries.

Public Hearing Planned

Wadada stated that the committee has decided to invite former management officials of NNPCL to appear at a public hearing to clarify the discrepancies.

According to him, proper accounting standards require that figures recorded as assets or liabilities must first pass through the profit and loss account before being recognized in financial statements.

He said invitations would be sent to former officials after the Eid al-Fitr celebrations.

Committee Ready to Question Any Official

The committee chairman also stated that lawmakers would not hesitate to question any government official if necessary, including Bola Ahmed Tinubu, who currently serves as Nigeria’s Minister of Petroleum Resources.

However, Wadada said he believes the president is unaware of the alleged discrepancies.

“The President does not know anything about it,” he said.

Probe Not Politically Motivated

Responding to claims that the investigation could be politically motivated, Wadada insisted that the probe is not a witch-hunt and is not influenced by political affiliations.

He said the committee’s focus is strictly on accountability and transparency.

Key Financial Issues Identified

During its review of NNPCL’s accounts from 2017 to 2023, the Senate committee identified two major figures it said lacked proper documentation:

• ₦103 trillion recorded as accrued expenses and liabilities linked to Joint Venture cash calls.
• ₦107 trillion listed as sundry receivables allegedly owed to the company by banks and other entities but considered unverifiable due to lack of transparency.

Lawmakers also questioned about ₦5.9 billion reportedly spent on the company’s rebranding, alongside concerns over subsidy irregularities and disputed oil production costs.

The current NNPCL management has been asked to submit reconciled records after earlier explanations were rejected.

Tinubu Introduces Petroleum Reforms

Meanwhile, President Bola Ahmed Tinubu recently signed Executive Order No. 9 of 2026 to reform the fiscal framework of the Petroleum Industry Act (PIA) 2021.

The directive requires that revenues from oil and gas operations under Production Sharing Contracts be paid directly into the Federation Account. It also suspends the 30 percent management fee previously retained by NNPC Limited and the 30 percent Frontier Exploration Fund deduction.