The Nigerian Senate, through its Committee on Public Accounts chaired by Senator Aliyu Wadada Aliyu, has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to queries regarding an alleged N210 trillion unaccounted-for amount arising from audit reports between 2017 and 2023.
The amount consists of roughly N103 trillion in liabilities (accrued expenses) and N107 trillion in assets (receivables), all needing detailed explanation and accountability.
The committee clarified that the N210 trillion is not missing or stolen but remains unaccounted for, explaining the need for the NNPCL to clarify the discrepancies in their financial statements, which have raised serious governance and transparency concerns.
The Group Chief Executive Officer (GCEO) of NNPCL, Engineer Bayo Ojulari, apologized for previous failures to appear before the committee and requested additional time to thoroughly address the 19 queries raised due to the complexities involved.
This three-week extension follows earlier deadlines and ultimata, including a 10-day ultimatum earlier in June and July 2025, which NNPCL had requested extensions beyond, citing management retreats and the need for more time to gather evidence.
Earlier before the ruling of the Chairman, virtually all members of the committee spoke on seriousness of the issues at stake but expressed optimism that the GCEO will clear the air on them .
The Senate’s Public Accounts Committee is focused on ensuring full accountability for about N210 trillion unaccounted for in NNPCL’s audited financial statements from 2017 to 2023.
