Nigeria’s Senate Committee on Public Accounts says it remains unsatisfied with explanations provided by the management of the Nigerian National Petroleum Company Limited over alleged N210 trillion inconsistencies in the company’s financial records.
The committee’s Chairman, Aliyu Wadada, disclosed this during an interview in Channels television on Sunday.
He stated that the responses from the current leadership led by Group Chief Executive Officer Bayo Ojulari did not adequately clarify the issues identified in the firm’s audited accounts.
According to Wadada, the discrepancies were discovered during a legislative review of the company’s financial statements covering the period from 2017 to 2023.
The lawmaker said several entries in the documents lacked proper explanation or supporting details.
One of the major concerns raised by the committee involves N103 trillion recorded as accrued expenses under liabilities.
The lawmaker argued that the figure was not supported with itemised explanations showing how the amount was derived.
Wadada said the absence of breakdowns or linked figures for the liabilities raises serious concerns about the credibility of the accounting records, adding that such figures must be properly substantiated in audited financial statements.
Another issue flagged by the committee involves N107 trillion listed as sundry receivables.
The amount was reportedly described as funds owed to the company by banks and other entities, but legislators said the entries could not be verified due to insufficient documentation.
The probe also touches on other financial matters, including N5.9 billion reportedly spent on the company’s rebranding exercise, as well as questions surrounding subsidy records and production cost claims.
Ojulari had earlier appeared before the committee in July 2025 following a summons.
At the time, he explained that he had spent less than 100 days in office and needed more time to study the issues raised in the financial statements.
He told lawmakers he would conduct an internal review and reconciliation of the accounts in order to provide clearer explanations to the committee.
Meanwhile, the Senate panel has summoned former top officials of the oil company, including former GCEO Mele Kyari, to appear at a public hearing to address the discrepancies.
Wadada also stressed that the investigation is not politically motivated, insisting that the committee’s goal is transparency and accountability in the management of Nigeria’s oil revenues.
He further stated that the panel would not hesitate to question any government official if necessary, including the Minister of Petroleum Resources, currently held by Bola Tinubu.
The committee expects additional documentation and reconciled financial records from the company as the investigation continues.
