Senate Committee Issues Ultimatum to National Oil Company
The Nigerian Senate has taken a firm stance against the Nigerian National Petroleum Company Limited (NNPCL), demanding the immediate refund of approximately N210 trillion in unaccounted funds discovered during a comprehensive audit of the company's operations.
This dramatic development unfolded during a hearing of the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada. The session took an unexpected turn when NNPCL's Group Chief Executive Officer, Bayo Ojulari, failed to appear before the panel to provide explanations for the massive financial discrepancies.
Audit Exposes Massive Financial Irregularities
The financial black hole was uncovered following a detailed review conducted by the Auditor-General of the Federation, which scrutinized NNPCL's activities between 2017 and 2023. The audit revealed two major categories of unaccounted transactions that have raised serious concerns among lawmakers.
According to the official report, the investigation identified ₦103 trillion in questionable accrued expenses and an additional ₦107 trillion in receivables that could not be properly accounted for in the company's audited financial statements.
Committee Chairman Wadada expressed profound dissatisfaction with the NNPCL management's response to the audit queries. "The earlier clarification given by the NNPCL was contradictory," Wadada stated, highlighting the inadequate nature of the explanations provided so far.
Revenue Disparity Raises Red Flags
The Senate committee raised particularly serious concerns about NNPCL's claim of having paid ₦103 trillion in Cash Calls to Joint Venture partners during 2023 alone. This assertion becomes highly questionable when compared to the company's actual revenue generation during the review period.
Official records show that NNPCL generated only ₦24 trillion in crude revenue between 2017 and 2022, making the massive cash call payments appear completely unjustifiable. Senator Wadada emphasized that such expenditures contradict established government policies.
"The administration of former President Muhammadu Buhari had abolished payments of cash calls by the national oil company," Wadada reminded the absent NNPCL management during the hearing.
Senate Threatens Subpoena for Past Management
Frustrated by the current management's failure to provide adequate explanations, the Senate committee has threatened to expand its investigation to include previous NNPCL leadership. The panel warned that it would not hesitate to subpoena former officials if the current management cannot account for the missing funds.
Senator Wadada delivered a clear ultimatum to CEO Bayo Ojulari, who was appointed by President Bola Tinubu in April 2025. "The committee will not hesitate to subpoena former officials of NNPCL and NAPIMS," he declared, indicating the seriousness with which the Senate is treating the matter.
The committee chairman insisted that the ₦103 trillion must be returned to the Treasury, describing the figure as "unjustifiable and unacceptable" given the available revenue data.
This is not the first time NNPCL has faced scrutiny over missing funds. Earlier this year, the Senate questioned the company about N102 billion in alleged missing crude oil sales that were supposed to be for deliveries to the Warri and Kaduna refineries, though that investigation appears to have stalled.
The current probe represents one of the most significant financial accountability challenges facing Nigeria's national oil company in recent years, with implications for the country's economic stability and governance standards in the critical energy sector.
