By Joy Odor
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, came under intense scrutiny on Tuesday as the Senate Public Accounts Committee (SPAC) questioned him over ₦210 trillion in unexplained financial entries recorded between 2017 and 2023.
During a tense appearance before the committee, Ojulari appeared unprepared to address the 19 audit queries raised by the Office of the Auditor-General, prompting sharp criticism from lawmakers, particularly Senator Adams Oshiomhole (Edo South), who rebuked the NNPCL boss for his lack of clarity and previous failure to appear in person.
“I don’t know how easily you accept apologies,” Senator Oshiomhole stated. “Is the MD now telling us that all the people he sent—once, twice, or even three times—were not in a position to brief him? That’s completely unacceptable.”
Ojulari admitted he had not fully grasped the gravity of the queries until the hearing and pleaded for more time to study the issues. He also proposed forming a technical team to jointly examine the financial discrepancies with the Senate committee.
“There’s quite a bit of digging I have to do myself,” Ojulari said. “I had not gotten this perspective before now. Your explanation has completely changed how I view the matter.”
However, the committee, chaired by Senator Aliyu Wadada (Nasarawa West), was unimpressed. Wadada reminded Ojulari that the ₦210 trillion flagged in the audit report comprises ₦103 trillion in liabilities and ₦107 trillion in assets, all of which must be accounted for.
“These queries were not raised by the executive or judiciary. They stem directly from the audited financial statements prepared by the Auditor-General for the Federation,” Senator Wadada said. “We are not saying the funds were stolen or missing. What we are doing is fulfilling our constitutional mandate to investigate public financial records.”
He added that none of the committee’s 19 queries had been sufficiently addressed by NNPCL.
In light of Ojulari’s request and the gravity of the audit findings, the committee granted a 21-day deadline for NNPCL to submit written responses to all queries. Ojulari is expected to return with relevant management staff for further questioning and a physical defence of the company’s financial records.
Earlier, several senators stressed the seriousness of the matter and urged Ojulari to treat it with the urgency and transparency it deserves.
The ₦210 trillion audit discrepancies have sparked nationwide attention, raising questions about financial accountability in Nigeria’s oil sector. The coming weeks will be critical as the Senate awaits a comprehensive explanation from the NNPCL leadership.
