Abuja, November 12, 2025 – The Nigerian Senate has dismissed written submissions from the Nigerian National Petroleum Company Limited (NNPCL) regarding a staggering N210 trillion in financial discrepancies spanning 2017 to 2023, escalating its probe into alleged mismanagement at the state oil giant.
The Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada (APC, Nasarawa West), took the decisive step during a session on Tuesday, November 11, 2025, after NNPCL management failed to appear in person despite prior agreements. The committee, tasked with scrutinizing 19 audit queries from the Office of the Auditor-General of the Federation, described the company’s responses as evasive and riddled with contradictions.
“This date was chosen by NNPCL itself, yet none of their officials showed up,” Wadada told reporters, expressing frustration over Group Chief Executive Officer Engineer Bayo Ojulari’s absence. “The public deserves transparency. While we can’t conclude without their input, the committee will share our findings based on the documents provided.”
Red Flags in NNPCL’s Financial Claims
Wadada highlighted two primary issues totaling the N210 trillion shortfall: N103 trillion in purported accrued expenses and N107 trillion in receivables.
- Accrued Expenses (N103 Trillion): The committee challenged NNPCL’s claim of paying this sum in cash calls to joint venture partners in 2023 alone. “Cash calls were abolished in 2016 under the Buhari administration,” Wadada noted. “How could NNPCL pay N103 trillion in one year when it generated only N24 trillion in crude revenue from 2017 to 2022? Where did this money come from? As far as this committee is concerned, it’s unjustifiable. The N103 trillion must be returned to the treasury.”
- Receivables (N107 Trillion): Equivalent to about $117 billion at current rates, this figure—allegedly including funds held in defunct banks—was rejected outright for lacking specifics. “No bank or amount was named. This contradicts evidence provided by NNPCL itself,” Wadada said. “The committee is duty-bound to reject it.”
The probe also spotlighted the National Petroleum Investment Management Services (NAPIMS), a subsidiary under NNPCL’s umbrella. Wadada accused NAPIMS of operating independently with its own accounts, in violation of legal mandates. “If the current management can’t provide answers, we’ll subpoena former GMDs [Group Managing Directors] and NAPIMS officials,” he warned.
No More Excuses: GCEO’s Presence Demanded
In a stern directive, Wadada mandated Ojulari’s personal attendance at future hearings. “Being out of the country is no longer an excuse. The next invitation requires the GCEO’s physical presence,” he stated. He further declared that the committee would no longer accept any NNPCL representations without the CEO’s involvement, signaling a hardening stance against perceived “offensive evasiveness.”
All committee members present endorsed Wadada’s position, underscoring bipartisan concern over the oil sector’s accountability.
Context of the Probe
The investigation stems from the Auditor-General’s reports, which flagged NNPCL for failing to remit or justify the N210 trillion amid broader questions on revenue transparency in Nigeria’s vital energy sector. NNPCL, restructured from the state-run Nigerian National Petroleum Corporation in 2021, has faced mounting scrutiny under Ojulari’s leadership—despite separate commendations from industry groups praising his push for “transparent leadership.”
This development intensifies pressure on NNPCL as Nigeria grapples with fuel subsidy reforms, oil theft, and fiscal shortfalls. The committee has vowed to reconvene with NNPCL officials soon, potentially invoking subpoenas to compel testimony from past executives if cooperation falters.
The full implications for NNPCL’s operations and Nigeria’s energy governance remain under watch, with Wadada emphasizing the probe’s role in safeguarding public funds.
