By Onwe Wisdom| Pan Afric Reporters|NASS, Abuja| July 29, 2025
The Nigerian National Petroleum Company Limited (NNPCL), long under public scrutiny for its opaque operations, once again finds itself at the centre of controversy, this time over an unresolved audit discrepancy totalling a staggering ₦210 trillion. In a much-anticipated appearance before the Senate Public Accounts Committee on Tuesday, GMD Engr. Bayo Ojulari failed to provide concrete explanation, instead requesting yet more time to “review” the damning audit queries that have haunted the national oil giant for years.
The figure, derived from audited financial statements submitted by the Office of the Auditor-General of the Federation, comprises ₦103 trillion in liabilities and ₦107 trillion in assets. According to Committee Chairman Senator Ahmed Wadada, these queries are not speculative accusations but documented anomalies that require reconciliation and explanation urgently.
“These are not allegations made by the Senate, they are findings drawn directly from the audited financial statements submitted to us. NNPCL must account for every kobo.”
Yet, despite multiple summonses and the gravity of the issue, the GMD’s conduct was nothing impressive. His delayed appearance and subsequent admission that he had not sufficiently reviewed the queries have raised serious concerns about the internal accountability mechanisms within NNPCL.
Mr. Ojulari’s actions reflect a broader pattern of institutional indifference and lack of transparency that has plagued NNPCL across successive administrations. Instead of arriving prepared to respond to queries spanning 2017 to 2023, the GMD asked for an additional three to four weeks to organize a response team only after finally hearing the Committee’s perspective in person. For us, this is nothing but a continuous culture of evasion and delay rascality.
“I need to understand the details myself,” he said, effectively admitting that after weeks of avoidance, NNPCL’s leadership remains uninformed and unprepared. This kind of executive detachment at the highest level of the country’s most strategic parastatal is not just troubling but also unacceptable as it negate the Renewed Hope Reform of president Bola Ahmed Tinubu.
Senator Adams Oshiomhole ( Edo North) in the acclaimed tense session didn’t mince words in his critique against the Group Managing Director (GMD) of the Nigerian National Petroleum Company Limite Engr. Bayo Ojulari failure to provide justification for a staggering ₦210 trillion discrepancy flagged in the company’s audited financial records.
Described the GMD’s delayed engagement as a reflection of deeper systemic arrogance. “If, after several invitations, the GMD appears without a grasp of the issues, that’s a failure of leadership,” he declared.
Oshiomhole noted that the Senate intentionally allowed an opposition senator to chair the Committee to ensure independence and neutrality, a clear signal that the Senate was serious. Yet, NNPCL’s dismissive posture suggested the company sees itself as beyond oversight.
“NNPCL is not a country on its own. It must be accountable to the Nigerian people,” he warned. “ We expect something different from this new management, not the same evasive culture we’ve seen in the past.”
While the GMD is relatively new in the role, lawmakers warned that perpetuating the nonchalant legacy of his predecessors will not be tolerated. Senator Hussaini Babangida cautioned that the public is growing weary of excuses. “Nigerians want to know what happened to their resources. This isn’t optional, it’s a duty.”
His plea to grant the GMD a final extension was accepted but it came with a warning that no further delays will be tolerated. The Committee expects a full, written submission addressing each of the 19 audit queries within three weeks, including detailed reconciliations of the ₦210 trillion in question.
The GMD’s admission that he still needs time to understand the audit discrepancies raises a crucial concern: Is there no functioning internal audit, risk management, or compliance system within NNPCL capable of briefing the GMD before a Senate appearance? His request for a joint technical team and external auditors, though seemingly pragmatic, also exposes a hollowed-out internal governance structure that calls for concern and further investigation.
It suggests that despite the company’s rebranding as a “commercial entity,” NNPCL continues to operate with the same bureaucratic laxity and lack of corporate accountability that have crippled public trust in Nigeria’s oil sector for decades.
This episode is more than just another oversight hearing, it is a litmus test for President Bola Tinubu’s administration and its promised reforms. The Senate’s insistence on answers is commendable, but it must be matched with follow-through.
As the clock ticks down on the three-week deadline, Nigerians are watching. If the NNPCL fails to respond meaningfully or if the Senate allows further delays, it may confirm public fears that even ₦210 trillion in unaccounted public funds is not enough to spark real reform.
The question remains: Is the NNPCL ready to embrace transparency, or will it continue to act as a state within a state?
