Photo File: The Senate Assembly.

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

This directive was issued on Tuesday during a committee session where NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, appeared in response to an earlier summons by the committee.

Ojulari, who has spent just over 100 days in office, pleaded for more time to study the financial reports and understand the issues raised by the Senate committee.

“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,” the NNPCL boss said.

“I need to carry out further internal review and reconciliation to provide the answers the committee requires,” he added, pledging to assemble a dedicated team to address the queries.

The Senate committee is scrutinising figures presented in the audited accounts, which reportedly indicate ₦103 trillion in liabilities and ₦107 trillion in assets—numbers described as “troubling” and “unverifiable” by lawmakers.

Chairman of the committee, Senator Aliyu Wadada, expressed concern over the lack of clarity and verifiability of the financial statements.

“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 stated.

He confirmed that the ₦210 trillion figure was extracted directly from NNPCL’s own audited reports, insisting that the company must provide concrete and reconcilable explanations for both assets and liabilities.

Some lawmakers criticised NNPCL’s perceived lack of preparedness and seriousness in handling the audit queries. They questioned why the CEO appeared unfamiliar with the details of the financial statements, despite the company having sent representatives to previous hearings.

Despite the concerns, the committee agreed to Ojulari’s request for more time, granting NNPCL 21 days to return with a comprehensive and reconciled report.

The development adds to mounting scrutiny on Nigeria’s oil sector, which continues to face allegations of opacity and mismanagement in spite of ongoing reforms.