The Senate Committee on Public Accounts has said it is dissatisfied with the explanations provided by the leadership of the Nigerian National Petroleum Company Limited (NNPCL) over alleged discrepancies amounting to ₦210 trillion in the company’s financial records.
Chairman of the committee, Aliyu Wadada, made this known during an interview on Sunday Politics on Channels Television. He noted that the responses given by the current management of NNPCL, led by Group Chief Executive Officer Bayo Ojulari, failed to adequately address the concerns raised by lawmakers.
According to Wadada, the committee found inconsistencies in the company’s audited financial statements, particularly a ₦103 trillion figure recorded as accrued expenses under liabilities, which lacked proper supporting documentation.
He explained that the entries in the company’s audited accounts should clearly show how such figures were derived, including detailed breakdowns of both assets and liabilities. However, he said the reported liabilities could not be accepted because they were not sufficiently substantiated.
The controversy emerged during the Senate’s review of NNPCL’s audited financial statements covering 2017 to 2023, where lawmakers flagged financial entries totalling ₦210 trillion that they believe were not properly explained.
Wadada described the figure as extremely large and difficult to comprehend, stressing that the committee expects clearer explanations from the company.
The committee has also summoned former top officials of the national oil company, including former Group Chief Executive Officer Mele Kyari, to appear before lawmakers and clarify the discrepancies.
When he previously appeared before the committee on July 29, 2025, Ojulari stated that he needed additional time to thoroughly review the issues raised in the financial statements, noting that he had been in office for less than 100 days at the time.
He promised to conduct an internal review and assemble a team to reconcile the figures and provide the explanations required by the committee.
According to Wadada, standard accounting practice requires that figures recorded as assets or liabilities must pass through profit and loss accounts before they can be properly recognised in financial reports.
The committee plans to hold a public hearing after the Eid holiday to allow former and current officials of the oil company to explain the disputed figures.
The lawmaker also stated that the committee would not hesitate to question any relevant government official if necessary, including the Minister of Petroleum Resources, Bola Tinubu.
However, he added that the committee does not believe the president is currently aware of the alleged discrepancies.
Responding to claims that the investigation could be politically motivated, Wadada insisted that the probe is aimed strictly at ensuring accountability and transparency, regardless of political affiliations.
During the review, lawmakers highlighted two major financial entries they said lacked proper explanation: ₦103 trillion recorded as accrued expenses linked to Joint Venture cash calls and ₦107 trillion listed as sundry receivables, reportedly owed to the company by banks and other entities but considered difficult to verify due to limited transparency.
Lawmakers also questioned about ₦5.9 billion reportedly spent on NNPCL’s rebranding, as well as issues relating to subsidy claims and production costs. The current management has been directed to submit reconciled financial records after earlier explanations were rejected.
Meanwhile, the federal government recently introduced Executive Order No. 9 of 2026, signed by President Tinubu, to reform aspects of the fiscal framework of the Petroleum Industry Act 2021. The order mandates that revenues from oil and gas operations under Production Sharing Contracts be paid directly into the Federation Account and suspends certain deductions previously retained by the national oil company.
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