The Nigerian Senate has declared that the Nigerian National Petroleum Company Limited (NNPCL) is yet to account for a staggering N210 trillion flagged in the audit report of federal ministries, departments and agencies (MDAs) covering the period from 2017 to 2023. The report was issued by the Office of the Auditor-General for the Federation.
Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada, made the disclosure on Thursday during a resumed hearing on the matter in Abuja. The session focused on the need for transparency and accountability in the handling of public funds.
Wadada clarified that contrary to media reports, the Senate is not accusing the NNPCL of theft or misappropriation. Instead, he said the committee is simply asking the national oil company to provide a detailed explanation and accountability for the flagged N210 trillion in line with constitutional oversight responsibilities.
“The Senate has not accused NNPCL of stealing N210 trillion. However, we are concerned that the money has not been accounted for as required by the audit report. We are asking questions based on our constitutional duty to oversee how public funds are spent,” Wadada said.
Despite the seriousness of the issue, the Group Chief Executive Officer of NNPCL, Mr. Bayo Ojulari, was absent from the session. He was said to be attending an Organisation of the Petroleum Exporting Countries (OPEC) meeting in Vienna. His absence, however, did not go down well with members of the committee.
In his place, the company’s Chief Financial Officer, Mr. Dapo Segun, made a presentation to the Senate Committee. But his appearance was rejected by the lawmakers who insisted that only the GCEO could respond to the high-level audit queries.
Senator Wadada stressed that the committee’s invitation to Mr. Ojulari was not a personal matter but a statutory obligation of the legislature to hold public officials accountable. He added that the committee had already warned that failure to appear would have consequences.
Senator Abdul Ningi, another member of the committee, criticised Mr. Ojulari’s continued failure to honour Senate invitations. He revealed that since Ojulari’s appointment as Group CEO, he has not made any appearance before the committee despite repeated invitations.
Also speaking, Senator Adams Oshiomhole condemned the refusal of some public officials to respect the authority of the Senate. He warned that no government official is above the law, and anyone who acts otherwise has no business in public office.
“Let it be clear that ignoring the Senate is not an option. The National Assembly represents the people of Nigeria. Anyone who believes they are above the law has no business being in government. We have made it clear—this is not optional,” Oshiomhole said.
The committee had earlier directed Mr. Ojulari to appear before it on July 10, 2025, to provide explanations regarding the reported unaccounted N210 trillion. That order was issued at a previous session held on June 26, where lawmakers warned that an arrest warrant could be issued should the NNPCL boss fail to show up.
Now that Ojulari has failed to appear on the rescheduled date, the committee has reaffirmed its stance, insisting that the GCEO must personally come before the committee to address the audit findings and provide the necessary documentation.
According to reports, the audit queries from the Office of the Auditor-General flagged major discrepancies and a lack of financial accountability in the NNPCL’s operations within the six-year review period. Lawmakers argue that such sums require full disclosure to avoid public mistrust in the management of national resources.
Observers say this development puts fresh pressure on the leadership of NNPCL to demonstrate transparency, especially at a time when the oil and gas sector is facing critical scrutiny over inefficiencies, leakages, and dwindling revenues.
With the Senate standing firm on its demand, the coming weeks are expected to reveal whether the GCEO will appear before the lawmakers or risk sanctions, including a possible arrest warrant.
