Finally NNPCL’s Ojulari Faces Senate Over N210 trillion Audit Query

…Red Chamber Demands Full Accountability in Three Weeks

By Yinka Giwa

After four consecutive absences, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, finally appeared before the Senate Committee on Public Accounts on Tuesday, as lawmakers pressed for answers regarding NNPCL’s unaccounted N210 trillion.

The committee, chaired by Sen. Ahmed Wadada, had repeatedly summoned the NNPCL leadership over queries arising from audit reports covering 2017 to 2023. The reports, originating from the Office of the Auditor-General of the Federation, flagged discrepancies involving N103 trillion in liabilities and N107 trillion in assets—amounts the committee insisted must be reconciled.

Ojulari, who took over the reins of NNPCL just over 100 days ago, began his engagement with a formal apology for his earlier non-appearances, attributing them to pressing national assignments. He appealed for understanding and sought additional time to conduct a thorough review of the 19 audit queries raised.

“This is my first opportunity to fully understand the committee’s concerns,” Ojulari stated. “The explanations given today have reshaped my understanding of the issues, and I will need time to dig deeper, engage external auditors, and ensure that we present a comprehensive response. Governance is a continuum, and I take full responsibility for addressing these matters transparently.”

Although he requested four weeks to respond, the Senate Committee settled on a three-week deadline, emphasizing the urgency and national importance of the audit discrepancies.

“We are not saying the N210 trillion is stolen or missing,” Sen. Wadada clarified. “But as a constitutional duty, we must demand proper accounting. These queries did not come from us as a committee; they were extracted directly from NNPCL’s audited financial statements by the Auditor-General. The facts need to be laid bare.”

He stressed that Ojulari’s explanations must be in writing, covering all 19 queries, after which he and his management team would be summoned again for a physical appearance to defend their submissions.

Before delivering the ruling, several committee members underscored the significance of Ojulari’s long-awaited appearance. Sen. Victor Umeh (Anambra) remarked, “We are glad you’re here today. Transparency is key because NNPCL holds the keys to Nigeria’s economic prosperity.”

Sen. Babangida Hussaini (Jigawa) called on Ojulari to ensure a meticulous examination of the issues raised, emphasizing that “governance is continuous, and the integrity of our national institutions must be upheld.”

Sen. Tony Nwoye (Anambra) also weighed in, stressing the importance of granting NNPCL a fair hearing. “We must also acknowledge the possibility that there could be errors in the audit reports. It is crucial that both sides present the facts.”

With the Senate’s three-week ultimatum now in place, all eyes will be on NNPCL’s leadership to deliver a detailed and transparent response that addresses the audit concerns and reassures Nigerians of the corporation’s financial accountability.