The group praises Ojulari’s transparency as NNPCL submits responses to N210trn audit questions

Group hails Ojulari’s transparency as NNPCL submits responses to N210trn audit questions

…The battery supports Tinubu’s vision in restoring the lost glory of NNPCL

A coalition of civil society and accountability advocates under the aegis of the Network for Transparency and Economic Reform (NETER) has praised the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, for his “transparent and reform-minded leadership” in opening the company’s books to parliamentary and public scrutiny.

The praise comes in the wake of confirmation by the Senate Committee on Public Accounts that NNNPCL has formally responded to 19 audit questions raised against it by the Auditor General of the Federation, relating to discrepancies of approximately $210 trillion in its financial statements between 2017 and 2023.

In a statement on Friday, Dr. Lukas Yusuf, president of NETER, said the NNNPCL management’s decision to engage directly with the Senate and provide detailed answers to all audit questions marks “a refreshing departure from a culture of opacity that had long defined Nigeria’s oil sector.”

“For once, Nigerians are witnessing an era where their national oil company no longer hides from scrutiny. The fact that the management of NNPCL, under Bayo Ojulari, took the initiative to comprehensively answer all 19 audit questions demonstrates a willingness to submit to institutional accountability. This is how trust in public institutions is built,” Yusuf said.

He said Ojulari’s conduct since taking charge of the NNNPCL reflected a “clear break with the past”, stressing that his approach to corporate governance is in line with President Bola Ahmed Tinubu’s broader vision of transparency, fiscal discipline and reform within state-owned enterprises.

“The reforms taking place under Ojulari’s watch are in direct sync with President Tinubu’s call for the restoration of integrity in public companies. When a company like NNPCL opens its financial books to legislative scrutiny, it sends a powerful message that accountability is no longer negotiable,” Yusuf added.

The group urged Nigerians and the media to give the process time to run its full course, noting that the Senate committee has already confirmed receipt of the company’s responses and is preparing to examine the documents in detail.

“We congratulate the Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada, for maintaining professionalism in handling such a complex process. It is important that this exercise is completed in a transparent manner and that the public is fully informed when the committee presents its findings,” Yusuf advised.

He further noted that this is the first time in the history of NNPCL that it has publicly engaged in an audit exercise of such scope and depth since its transition to a private limited company under the Petroleum Industry Act (PIA).

“Before now, the NNPC’s books were a mystery to everyone. For a long time, Nigerians only heard numbers without ever seeing the process behind them. Today we are witnessing a new phase where financial and operational data are shared, audit questions are answered and accountability mechanisms are tested in real time. This is historic,” he added.

Yusuf also called on citizens, civil society and industry stakeholders to support the ongoing reforms rather than politicize them, saying the process represents a national effort to rebuild public trust in oil revenue management.

“Transparency does not thrive in isolation. The same citizens who demand accountability must also encourage it when they see genuine effort. We urge Nigerians to see this as a collective victory for governance, for democracy and for the economy,” he noted.

The Economic Transparency and Reform Network also reaffirmed its commitment to monitoring the implementation of the NNNPCL’s responses to audit questions once the Senate completes its review, saying it will publish an independent evaluation of the process later this year.

“Our mission is to ensure that this new wave of accountability in the oil sector endures. The transparency we are starting to see in the NNNPCL should become the new standard for all public institutions in Nigeria,” the statement added.