Senate gives NNPCL CEO 3 weeks to respond to audit queries on N210 trillion

NNPCL Audit Query prompts Senate to give GCEO Bayo Ojulari 3 weeks to address concerns on N210 trillion in assets and liabilities from 2017–2023 audits

NNPCL Audit Query has ignited serious concern in the Nigerian Senate, prompting the Senate Committee on Public Accounts to give the Group CEO, Bayo Ojulari, three weeks to address 19 critical audit queries tied to unaccounted assets and liabilities amounting to a staggering N210 trillion.

Also read: EFCC uncovers oil fraud in NNPCL’s financial records, foreign assets trail

The committee, chaired by Sen. Ahmed Wadada, clarified that the amount was neither missing nor stolen, but had yet to be fully reconciled.

The breakdown includes N103 trillion in liabilities and N107 trillion in assets drawn from audit reports between 2017 and 2023.

Ojulari, who has been in office for just over 100 days, pleaded for more time to understand the complex figures, promising to involve external auditors and internal teams for full clarity.

While Ojulari requested four weeks, the Senate firmly granted only three. Lawmakers stressed the importance of transparency, calling on NNPCL to take full accountability for Nigeria’s economic interests.

Members like Sen. Victor Umeh and Sen. Babangida Hussaini voiced hope that the GCEO would clear the air and uphold the company’s integrity.

Also read: EFCC arrests ex-NNPCL CFO, former refinery boss in $7.2bn fraud case

The NNPCL Audit Query stands as a test of corporate governance and public accountability in Nigeria’s oil sector.

Quadri Olaitan