Senate Committee Flags ₦210tn Questionable Entries in NNPCL Books

..The Committee rejects Ojulari’s explanation as inadequate

… Kyari, former officials will appear before MPs

Daud Olatunji

The Senate Committee on Public Accounts has expressed dissatisfaction with explanations offered by the leadership of the Nigerian National Petroleum Company Limited over the alleged ₦210 trillion discrepancies discovered in the company’s financial records.

Committee Chairman, Senator Aliyu Wadada, said clarifications provided by NNPCL management led by Group Chief Executive Officer, Bayo Ojulari, failed to adequately justify the financial items reported during the audit of the company’s audited accounts from 2017 to 2023.

Wadada, who represents Nasarawa West senatorial district, disclosed this during an appearance on Channels Television’s Sunday Politics programme, pointing out that several figures recorded in the oil company’s books were not adequately substantiated.

According to him, the committee particularly questioned ₦103 trillion listed as accrued liabilities without detailed supporting documents.

He said: “What is contained in the audited financial statement of the NNPC is the definitive document reflecting its financial ratios in terms of assets and liabilities.

Among liabilities, the NNPC recorded ₦103 trillion as accrued expenses, but none of the items had figures attached to them. This is quite indicative and unacceptable.”

The lawmaker added that the company’s former group CEO, Mele Kyari, did not defend the controversial ₦210 trillion items during his tenure.

The controversy followed the Senate committee’s scrutiny of the company’s financial statements covering the six-year period, during which lawmakers reported transactions totaling ₦210 trillion that they said had not been adequately explained.

Describing the figure as staggering, Wadada said the amount is difficult for any reasonable person to understand.

“The staggering figure of ₦210 trillion, for any normal mind, cannot be easily understood if it is said to have disappeared,” he said.

The committee has since summoned former senior officials of the national oil company, including Kyari, to appear before lawmakers to clarify the discrepancies.

Ojulari had appeared before the bench on July 29, 2025, in response to an earlier summons, in which he had requested further time to consider the issues raised.

“I have only been in office for 100 days and I need time to fully understand the issues. Given the explanations I heard today, my perspective has changed. I will conduct further internal reviews and reconciliations to provide the required answers,” he told the commission.

Wadada explained that accounting standards require that financial data recorded as assets or liabilities must pass through profit and loss accounts before it can be properly recognized in the financial statement.

He added that the committee will soon invite the company’s former executives to appear at a public hearing to explain the discrepancies.

“We will invite the past leadership to appear before the commission in a public hearing to clarify this controversial and unacceptable situation. Immediately after Eid, letters will be sent through the GMD of the NNPC,” he said.

The MP further said the commission would not hesitate to question, if necessary, any government official, including the Minister of Petroleum Resources, President Bola Tinubu.

“When the need arises, we will invite anyone, including the minister or even the president,” Wadada said, although he added that the commission did not believe the president was aware of the alleged discrepancies.

The Senate committee also raised concerns about another ₦107 trillion listed as miscellaneous receivables in the company’s accounts, described as funds owed to the company by banks and other entities but considered unverifiable due to a lack of detailed documentation.

Lawmakers also questioned about ₦5.9 billion spent on the company’s rebranding, as well as issues related to subsidy payments and disputed production costs.

The committee noted that the company had generated around ₦24 trillion in revenue over five years, making it difficult to reconcile the ₦103 trillion liability figure.

Meanwhile, President Tinubu recently issued Executive Order No. 9 of 2026 aimed at reforming the tax framework of the Petroleum Industry Act.

The directive requires that revenues from oil and gas operations under production sharing contracts be paid directly into the Federation’s account and suspends the 30% management fee previously withheld by NNPC Limited, as well as the 30% deduction from the Frontier Exploration Fund.

The Senate committee said it will continue its investigation until the financial records are fully reconciled and clarified.

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