The Nigerian Senate has acknowledged that the Nigerian National Petroleum Company Limited, NNPCL, has formally responded to 19 audit queries concerning an alleged N210 trillion discrepancy uncovered in its financial accounts between 2017 and 2023.
The revelation came from the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, who confirmed that the NNPCL’s management submitted written responses after being granted an extension to compile comprehensive data addressing the committee’s concerns.
Wadada explained that the committee had raised the queries following findings in the Auditor-General’s report that suggested irregularities and unaccounted revenues in the company’s operations during the period under review.
In July 2025, the committee had issued a three-week deadline to NNPCL’s Chief Executive Officer, Mr. Bayo Ojulari, to explain the discrepancies in the company’s audited statements. However, the NNPCL sought additional time to provide detailed responses, which was subsequently approved by the committee.
According to the senator, NNPCL has now responded to all 19 questions, and the committee is in possession of the documents.
He, however, stressed that the committee has not yet critically examined the responses and therefore would refrain from making any public comments until a proper review has been conducted.
“As chairman, I have refrained from making any public statement on the matter until it is properly laid before members,” Wadada said. “But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter.”
Beyond the pending audit queries, the Senate Committee is also turning its attention to broader operational and fiscal issues surrounding the NNPCL.
Wadada disclosed that production sharing contracts—particularly the determination of production costs and the allocation of proceeds among the NNPCL, international oil companies (IOCs), and the federal government—would form part of the committee’s expanded investigation.
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He emphasized that Nigerians deserve full transparency regarding how much revenue accrues to each stakeholder in these arrangements, as such clarity is essential for public accountability in the oil and gas sector.
The senator also expressed concern over reports that NNPCL Retail, one of the company’s subsidiaries, had declared operational losses despite the country’s extensive retail fuel market.
He described the development as troubling and said the committee would seek explanations from the corporation during its upcoming sessions.
“We find it difficult to understand why NNPCL Retail should record a loss, but we will seek clarification when the corporation appears before us,” he stated.
Wadada reiterated the committee’s commitment to a fair and transparent process, assuring the public that the Senate would review NNPCL’s responses thoroughly and communicate its findings openly.
“Out of those answers, the ones that make sense and those that do not will be evident to the public,” he concluded. The committee’s report, once finalized, is expected to shape future parliamentary oversight of NNPCL’s financial management and transparency standards.
NAN
