The Senate Committee on Public Accounts has dismissed the written explanations submitted by the Nigerian National Petroleum Company Limited (NNPCL) regarding alleged financial infractions totaling N210 trillion recorded between 2017 and 2023.
The decision was announced on Tuesday at the National Assembly following the failure of NNPCL’s Group Chief Executive Officer, Engineer Bayo Ojulari, to appear before the committee on a date the company had itself proposed.
Senator Aliyu Wadada, who chairs the Senate Committee on Public Accounts and represents Nasarawa West Senatorial District under the All Progressives Congress (APC), expressed strong disappointment at the no-show of NNPCL officials.
“November 11, 2025, was a date selected by NNPCL management. It is deeply unfortunate that not a single official from the company appeared on the very day they chose themselves,” Senator Wadada stated during the session. “Nigerians have been waiting for transparency on this matter, and this committee will not allow such critical issues to be swept under the carpet.”
The controversy centers on 19 audit queries issued by the Office of the Auditor-General of the Federation, which flagged massive discrepancies in NNPCL’s financial records over a six-year period. The company had submitted written responses to the queries but its leadership’s failure to appear physically before lawmakers drew sharp criticism.
According to Senator Wadada, NNPCL claimed to have incurred N103 trillion in accrued expenses alongside N107 trillion in receivables, bringing the total unexplained transactions to N210 trillion. However, the committee found these figures inconsistent with available evidence.
“NNPCL’s explanation regarding the N107 trillion receivables, which is equivalent to approximately $117 billion, contradicts the company’s own documentation. These numbers are unrealistic and cannot be accepted,” Wadada declared.
One of the committee’s major concerns involves NNPCL’s claim of paying N103 trillion in cash calls to joint venture partners in 2023 alone, despite the company’s total crude oil revenue from 2017 to 2022 amounting to only N24 trillion. Senator Wadada questioned the source of such payments, especially considering that cash call arrangements were officially discontinued in 2016 during the Buhari administration.
“Where did NNPCL obtain N103 trillion to make payments in a single year when its cumulative revenue over five years was merely N24 trillion? This figure defies logic and must be refunded to the national treasury,” the committee chairman insisted.
The panel also rejected NNPCL’s assertion that portions of the N107 trillion receivables were deposited in defunct banks. Senator Wadada noted that the company failed to identify specific banks or provide verifiable evidence of these funds.
“The absence of transparency in this matter is completely unacceptable. When you combine both amounts totaling N210 trillion, NNPCL has a responsibility to provide full accountability to Nigerians,” he emphasized.
The committee also uncovered what it described as illegal subsidy practices, revealing that between 2017 and 2021, the National Petroleum Investment Management Services (NAPIMS) allegedly charged subsidies on crude oil, an action not supported by any Nigerian law, while NNPCL simultaneously charged subsidies on refined petroleum products.
Senator Wadada made it clear that the committee considers NAPIMS a department operating under NNPCL by law and should not maintain separate accounts. He criticized the apparent independent operations of NAPIMS as irregular and unacceptable.
The lawmaker issued a final warning to Engineer Ojulari, stating that all future invitations from the committee must be honored with his physical presence. “The Group Chief Executive Officer must attend personally whenever this committee extends an invitation. Being outside the country will no longer be accepted as a valid excuse for absence,” Senator Wadada warned.
He added that if the current NNPCL management continues to provide unsatisfactory responses, the committee will not hesitate to summon former Group Managing Directors and senior officials from both NNPCL and NAPIMS for questioning.
All committee members present at Tuesday’s session unanimously supported the chairman’s position and the decision to reject NNPCL’s explanations.
The committee has indicated it will invoke its constitutional powers to compel attendance at future hearings, including potential arrest orders if necessary, as part of its mandate to ensure accountability in government revenue management.