The Senate has rejected the Nigerian National Petroleum Company Limited’s (NNPCL) written explanation over unaccounted funds totaling ₦210 trillion between 2017 and 2023.
The company failed to appear before the Senate Committee on Public Accounts on Monday, despite being invited to answer 19 audit queries from the Office of the Auditor-General of the Federation.
Committee Chairman Senator Aliyu Wadada (APC–Nasarawa West) described NNPCL’s absence as “offensive evasiveness,” noting serious red flags in its financial records.
According to Wadada, the company claimed ₦103 trillion in accrued expenses and ₦107 trillion in receivables, figures the committee deemed unjustifiable.
He also questioned how NNPCL reportedly paid ₦103 trillion in cash calls to joint venture partners in 2023 alone, while generating just ₦24 trillion in crude oil revenue between 2017 and 2022.
Wadada warned that future absences by NNPCL’s Group Chief Executive Officer, Engineer Bayo Ojulari, would not be tolerated.
The committee said it may subpoena former NNPC and NAPIMS officials if satisfactory explanations for the missing funds are not provided.
