The Nigerian National Petroleum Company Limited (NNPCL) has been given a 21-day ultimatum by the Senate Committee on Public Accounts to explain financial discrepancies totalling ₦210 trillion in its audited financial statements spanning 2017 to 2023.

During a session with the committee on Tuesday, the Group Chief Executive Officer of NNPCL, Bayo Ojulari, appealed for additional time to properly address the issues.

“I have been in office for barely 100 days and I need time to fully understand the issues. Given the explanation I’ve heard today, my perspective has changed,” he said.

“I need to carry out further internal review and reconciliation to provide the answers the committee requires,” Ojulari added, assuring the committee that he would assemble a team to respond comprehensively.

The Senate committee flagged ₦103 trillion in liabilities and ₦107 trillion in assets, questioning their credibility.

The Chairman of the Committee, Senator Aliyu Wadada, stated, “The amount is mind-boggling.

The liability figure cannot be substantiated and is therefore not acceptable to this committee. Even the receivables making up the asset component cannot be verified.”

Wadada said the figures were extracted directly from NNPCL’s own audited reports, stressing the need for clear and verified explanations.

Some senators expressed disappointment with NNPCL’s attitude towards the committee, noting that despite prior invitations, the company failed to provide clarity and accused its leadership of negligence.

They argued that the CEO’s lack of familiarity with the figures was unacceptable and pointed to the presence of previous representatives at earlier hearings as evidence of poor internal communication.

Despite their misgivings, the committee granted the 21-day extension, urging NNPCL to return with a reconciled and factual submission.

A civil society organisation, the Vanguard for Probity and Accountability, had alleged massive irregularities in the recently audited account of the Nigerian National Petroleum Company Limited (NNPCL), challenging the company to come clean on its records.

In a statement in Port Harcourt, the group’s National Coordinator, Dr. Joel Abba had said the recent revelation by the Senate in which financial discrepancies totalling over N210trillion in NNPCL audited financial statements spanning 2017 to 2023 called for worry.

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