Abuja, July 11, 2025 — The Nigerian Senate has raised serious concerns over unresolved discrepancies in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPCL), amounting to ₦210 trillion covering the period from 2017 to 2023.
During a Thursday session, the Senate’s Committee on Public Accounts, chaired by Senator Aliyu Wadada, insisted that the figures—₦103 trillion under “accrued expenses” and another ₦107 trillion in receivables—must be fully explained by NNPCL .
This follows an earlier ultimatum issued on June 26, 2025, giving NNPCL 10 working days to appear before the committee and provide comprehensive answers to 11 specific financial queries .
NNPCL’s initial request for a two-month extension was rejected by the committee as “unacceptable and suspicious” .
At a recent hearing, Senator Wadada emphasized that the Senate was not accusing NNPCL of theft but demanded transparency over why these figures appeared in the company’s own audit submissions .
The committee has now summoned the Group Chief Executive Officer, Bayo Ojulari, and instructed all relevant officials to appear in person to defend the report by July 10, 2025, with no further reprieve .
The committee highlighted troubling inconsistencies, such as enormous retention, legal, and audit fees logged without supporting documentation. It noted that a subsidiary, NAPIMS, recorded a ₦9 trillion profit between 2017 and 2021, while NNPCL itself reported a ₦16 billion loss during the same period — a discrepancy raising further questions .
Lawmakers warned that failure to comply could result in constitutional penalties, including arrest warrants or escalation to a full Senate plenary session . The Senate affirmed its commitment to ensuring accountability and meticulous oversight over Nigeria’s petroleum revenues.