Senate Gives NNPCL 21-Day Ultimatum Over ₦210 Trillion Financial Discrepancy

...To get all news updates, Join our WhatsApp Group (Click Here)

By Our Correspondent

The Nigerian National Petroleum Company Limited (NNPCL) has been issued a 21-day ultimatum by the Senate Committee on Public Accounts to explain financial discrepancies amounting to ₦210 trillion in its audited financial statements from 2017 to 2023.

This development came during a session on Tuesday, where the Group Chief Executive Officer (GCEO) of NNPCL, Mr. Bayo Ojulari, appeared before the committee. He appealed for more time to address the flagged issues comprehensively.

“I have been in office for barely 100 days and need more time to fully grasp the matters at hand. Given the explanations I’ve heard today, my perspective has changed,” Ojulari told the committee.

He added, “I need to carry out further internal review and reconciliation to provide accurate responses. I will assemble a competent team to respond comprehensively.”

The Senate Committee had raised concerns over ₦103 trillion in liabilities and ₦107 trillion in assets recorded in the NNPCL’s audited accounts, questioning the credibility of the figures.

Describing the discrepancies as “mind-boggling,” the Chairman of the Committee, Senator Aliyu Wadada, stated that both the liability and asset components lacked proper substantiation.

“The liability figure cannot be verified and is therefore not acceptable to this committee. Even the receivables listed under assets cannot be validated,” Senator Wadada noted.

Also Read: Union Bank Records Decade-High Promotion Rate, Elevates 24% of Staff in Annual Performance Review Restructured and Edited News Version: Union Bank of Nigeria Plc, a leading player in the nation's financial sector, has announced the successful completion of its annual staff assessment and performance evaluation exercise, resulting in the promotion of approximately 24% of its workforce—the highest promotion rate recorded by the Bank in the last ten years. This remarkable milestone underscores Union Bank’s unwavering commitment to recognising and rewarding excellence, nurturing talent, and fostering a culture of high performance. Promotions were granted across various departments to employees who have consistently demonstrated exceptional achievements, integrity, and alignment with the Bank’s core values and strategic growth objectives. Speaking on the development, Yetunde Oni, the Chief Executive Officer and Managing Director of Union Bank, stated: > “At Union Bank, we remain committed to reimagining what is possible—not just for our customers and communities, but also for ourselves as dedicated professionals. These promotions are a testament to our commitment to rewarding individual excellence and advancing our collective aspirations.” Union Bank continues to uphold the highest standards of professionalism, ethics, and accountability. The Bank is deeply invested in creating meaningful growth opportunities, rewarding merit, and supporting employees throughout their career journeys. By celebrating top performers and maintaining a strong performance-driven culture, Union Bank of Nigeria is strategically positioned to deliver lasting value to its stakeholders and contribute positively to the broader community.

He clarified that the figures were directly extracted from NNPCL’s own audited financial reports and stressed the urgent need for clarity and accountability.

Several senators expressed frustration at NNPCL’s handling of the committee’s queries, pointing out that despite repeated invitations, the company had failed to provide satisfactory responses. They criticized the leadership’s lack of preparedness, citing poor internal communication and negligence.

While dissatisfied with the current state of the company’s submissions, the committee agreed to grant a 21-day extension for NNPCL to return with reconciled and verifiable financial statements.

Meanwhile, a civil society group, Vanguard for Probity and Accountability, has also raised alarm over the reported financial discrepancies. In a statement issued in Port Harcourt, the group’s National Coordinator, Dr. Joel Abba, described the revelations as deeply troubling.

“The recent disclosure by the Senate, showing financial discrepancies totalling over ₦210 trillion in NNPCL’s audited accounts, is alarming. The company must come clean and clarify its financial records,” Dr. Abba stated.

The Senate committee has reiterated its commitment to ensuring transparency and accountability in public finance, vowing to scrutinize every detail presented by NNPCL in its subsequent appearance.

You can get every of our news as soon as they drop on WhatsApp ...To get all news updates, Join our WhatsApp Group (Click Here)