The Senate Committee on Public Accounts on July 29, 2025, issued a 21-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to clarify financial discrepancies totaling ₦210 trillion, as revealed during a tense session.
The concerns center on ₦103 trillion in liabilities and ₦107 trillion in assets, figures extracted from the company’s audited financial statements from 2017 to 2023, which lawmakers, led by Chairman Senator Aliyu Wadada, labeled as “troubling” and “largely unsubstantiated.” The committee, exercising its constitutional oversight, demanded detailed explanations, noting that the amounts, comprising accrued expenses and receivables, lack supporting documentation or contractual backing.
NNPCL’s Group Chief Executive Officer, Bayo Ojulari, who appeared after repeated summons, requested more time, citing his 100-day tenure and the technical complexity of the queries. However, senators rejected this plea, accusing the company of evading accountability, with some suggesting a history of opacity.
The narrative of legislative scrutiny is significant, reflecting broader concerns about Nigeria’s oil sector transparency since NNPCL’s 2022 transition to a limited liability company. Critics question the feasibility of reconciling such vast figures, especially given past audits showing profit-loss contradictions with subsidiaries like NAPIMS, while supporters argue the committee’s approach may pressure reform. The outcome, due by August 19, 2025, could reshape public trust and fiscal oversight.