The Nigerian Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) 21 days to explain financial discrepancies amounting to ₦210 trillion, following concerns raised over figures in its audited financial statements from 2017 to 2023.
The company’s Group Chief Executive Officer, Bayo Ojulari, who appeared before the committee, requested more time to review the flagged issues.
Lawmakers expressed alarm over ₦103 trillion in liabilities and ₦107 trillion in assets, describing the figures as troubling and lacking proper substantiation.
Committee members criticized the NNPCL for what they saw as a dismissive attitude toward the inquiry, questioning the CEO’s unfamiliarity with the figures despite previous appearances by company representatives.
The committee insisted the figures, extracted from official audits, require a detailed and verifiable explanation.
A 21-day deadline has been set for the NNPCL to submit a reconciled and comprehensive report to the Senate.
