Senate Panel Gives NNPC Two Weeks to Explain ₦210 Trillion Audit Discrepancies
The Senate Committee on Public Accounts has given the management of the Nigerian National Petroleum Company (NNPC) Limited two weeks to appear before it and explain ₦210 trillion in liabilities and expenditures flagged in the company’s audited financial reports.
The committee fixed April 29, 2026, as the deadline for the appearance.
Earlier in March, former NNPC Group Chief Executive Officer (GCEO), Mele Kyari, was summoned over alleged financial discrepancies totaling ₦210 trillion contained in the company’s audited statements covering 2017 to 2023.
At Wednesday’s sitting, the committee directed the current GCEO, Bayo Ojulari, to appear alongside Kyari, former Chief Financial Officer Umar Ajia, Bala Wunti, and the company’s external auditors.
The resolution followed a motion moved by Osita Izunaso, senator representing Imo West, and seconded by Adams Oshiomhole, senator representing Edo North.
Chairman of the committee, Senator Aliyu Wadada, who represents Nasarawa West, said the funds must be fully accounted for, noting that responses submitted by NNPC to 19 audit queries were unsatisfactory.
He stated that the committee was not convinced by the company’s explanation that ₦103 trillion represented liabilities.
According to him, liabilities should be broken into specific categories such as retention fees, legal fees, and audit fees, with clear amounts assigned to each.
He also demanded a detailed explanation for the remaining ₦107 trillion, which NNPC said was spent on Joint Venture Cash Calls and debts allegedly owed by unnamed defunct banks.
Wadada said:
“This committee, and by extension the Senate, is not satisfied with the blanket explanation given by NNPCL on ₦103 trillion said to be liabilities.
Specific amounts spent under each component must be clearly stated and explained.”
He added that the company must appear before the committee without fail before the new deadline.
Meanwhile, Senator Abdul Ningi, representing Bauchi Central, called for stronger measures to compel the attendance of NNPC officials.
He said the matter should be treated with utmost seriousness, stressing that the strength of democracy depends largely on the authority of the legislature.
Ningi also expressed concern over what he described as a growing reluctance by public officials to honour invitations from the National Assembly, leaving lawmakers frustrated in carrying out oversight duties.