Senate rejects NNPCL’s explanation over alleged ₦210trn financial discrepancies
The Senate Committee on Public Accounts has expressed dissatisfaction with the explanations offered by the management of the Nigerian National Petroleum Company Limited (NNPCL) concerning alleged financial discrepancies amounting to ₦210 trillion in the company’s audited records.
Chairman of the committee, Senator Aliyu Wadada, disclosed this during an appearance on Channels Television’s Sunday Politics, stating that the clarifications presented by the current NNPCL leadership failed to adequately address the issues raised by lawmakers.
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Wadada, who represents Nasarawa West Senatorial District in the 10th National Assembly, said the committee carefully reviewed the company’s audited financial statements covering the period from 2017 to 2023 but found several inconsistencies that remain unresolved.
According to him, the financial records show that the company listed ₦103 trillion as accrued expenses under liabilities without providing sufficient supporting details explaining how the figure was arrived at.
He stressed that audited financial statements represent the most authoritative documentation of a company’s financial transactions, including assets and liabilities, and must therefore be supported by clear and verifiable figures.
The senator explained that the absence of detailed breakdowns attached to the liabilities figure raises concerns about the credibility of the financial entries. He noted that none of the items listed under the accrued expenses had specific figures attached to them, making the amount difficult to justify.
Lawmakers flagged the ₦210 trillion figure during the committee’s scrutiny of the NNPCL accounts, describing the amount under investigation as unusually large and difficult to comprehend.
Wadada remarked that the magnitude of the figure has generated widespread concern, noting that it is not something that can be easily understood or ignored without proper explanation.
The Senate committee chairman also pointed out that the former Group Chief Executive Officer of NNPCL, Mele Kyari, did not appear before the committee to address the concerns while he was still in office.
As part of efforts to resolve the matter, the committee has decided to invite former top officials of the national oil company to appear at a public hearing to clarify the financial discrepancies.
Wadada said the invitations would be formally communicated to the former management team after the Eid holiday through the current leadership of the company.
The current Group Chief Executive Officer of NNPCL, Bayo Ojulari, had earlier appeared before the committee on July 29, 2025, following an initial summons by lawmakers.
During the session, Ojulari told the committee that he had been in office for less than 100 days and required additional time to thoroughly examine the issues raised in the company’s audited accounts.
He explained that the explanations presented during the hearing had prompted him to reassess the situation and that he would conduct further internal reviews and reconciliations to provide the necessary clarifications.
Ojulari also assured lawmakers that a team would be assembled within the organisation to study the queries raised and provide comprehensive responses to the Senate.
Senator Wadada further explained that standard accounting procedures require that any figures recorded as assets or liabilities must pass through the profit and loss account before they can be properly reflected in financial statements.
He said the committee would continue its investigation until the discrepancies are fully explained.
The lawmaker also stated that the committee is prepared to question any government official if necessary in the course of the probe, including the Minister of Petroleum Resources, President Bola Tinubu.
However, he added that the committee does not believe the president currently has knowledge of the alleged discrepancies.
Wadada dismissed claims that the investigation is politically motivated, insisting that the committee’s actions are driven solely by the need for transparency and accountability.
He emphasised that the Senate will pursue the matter without regard to political affiliations, stressing that public institutions must be held accountable for their financial records.
