By Fatima Saka
Abuja, Nigeria – The Senate Committee on Public Accounts, chaired by Senator Ahmed Aliyu Wadada, on Tuesday launched a high-stakes investigation into the audited financial statements of Ministries, Departments, and Agencies (MDAs) from 2017 to 2023, uncovering troubling inconsistencies in the Nigerian National Petroleum Company Limited (NNPCL)’s books, including over ₦210 trillion in unsubstantiated figures.
The committee’s scrutiny focused on ₦103 trillion in liabilities and ₦107 trillion in receivables, both flagged as lacking proper documentation and justification in NNPCL’s consolidated financial statements.
In his opening address, Senator Wadada stressed the seriousness of the investigation and clarified public misconceptions about the figures.
“This committee never at any time said ₦210 trillion was stolen,” he said. “But NNPCL must account for these liabilities and receivables, both of which remain unverified in their audited reports.”
Wadada also disclosed that previous summons to the Group Chief Executive Officer (GCEO) of NNPCL were ignored, delaying the committee’s progress and triggering the possibility of a legislative warrant.
The GCEO, Engineer Bashir Bayo Ojulari, who recently marked just over 100 days in office, appeared before the committee for the first time, apologized for the noncompliance, and appealed for more time to review the documents.
“I understand the gravity of this assignment,” Ojulari said. “Your explanation today has helped me better grasp the concerns. I request additional time to investigate the financial records with a technical team and to work closely with our external auditors.”
Committee members welcomed his presence but criticized the delay in engagement and the absence of the company’s external auditors at the session.
Deputy Chairman, Senator Peter Onyekachi Nwebonyi, expressed public frustration: “Nigerians have been waiting for answers. The delay created the impression of evasion. We are not accusing NNPCL of theft, but the people we represent deserve transparency and accountability.”
Another lawmaker emphasized the need for a clear audit trail: “This committee never claimed ₦210 trillion is missing, but we demand proper verification. These numbers cannot remain floating without explanation.”
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In a move to accelerate resolution, the committee proposed the creation of a joint technical task force between NNPCL and the Senate to reconcile the audit queries.
The committee adjourned proceedings for three weeks, pending a comprehensive submission from NNPCL. The investigation now stands as one of the most significant financial accountability tests ever undertaken involving a state-owned enterprise in Nigeria’s history.
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