A Showdown is looming between the Senate Public Accounts Committee (SPAC) and the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, over the company’s failure to explain a staggering N210 trillion discrepancy in its audited financial statements.
At a tense hearing on Thursday at the National Assembly, senators issued a strong ultimatum to Ojulari, demanding his appearance to clarify the financial irregularities or face legal consequences, including arrest, prosecution, and public exposure.
Lawmakers voiced frustration at NNPC’s repeated disregard for multiple invitations and the continued absence of its top leadership at investigative sessions. They also condemned what they described as “insulting” tactics to evade legislative oversight.
Chairman of the committee, Senator Aliyu Wadada, stated bluntly: “This is not a request. Our invitation is backed by the Nigerian Constitution. If anyone feels too big to comply with the law, they are free to relocate. We are not pleading.”
Wadada emphasized that the Senate would not hesitate to invoke its constitutional authority to compel compliance through summons or arrest if necessary.
The core of the dispute lies in unexplained figures contained in NNPC’s audited financial reports, particularly the declaration of N210 trillion in assets and liabilities with no supporting documentation.
“There’s an accrued expense of N103 trillion that cannot be reconciled with the profit and loss account, which only reflects between N3 to N5 trillion,” Wadada said. “Similarly, asset figures are vague and unsupported. Until we get credible documentation and explanations, that entire sum remains in question.”
He clarified that the committee is not accusing NNPC of fraud, but insists the discrepancies must be addressed in line with statutory financial reporting standards.
“We are not NNPC’s auditors. It is their duty to explain their numbers. What has been submitted so far lacks coherence and cannot be accepted,” he added.
Senators expressed further outrage at Ojulari’s consistent absence from hearings, accusing him of undermining the authority of the Senate and disrespecting its oversight role.
“It is unacceptable for the Group CEO to continually ignore our summons while sending subordinates,” Wadada said. “This committee includes former governors, senior legal minds, and professional accountants. Their time and service to this country must not be trivialized.”
Senator Kaka Shehu Lawan (SAN), representing Borno Central, echoed the sentiment, describing NNPC’s posture as “a slap in the face of Nigerians.”
“We sit in plenary and oversight almost daily. For the GCEO to treat this committee with contempt is an insult to the Nigerian people. Enough is enough,” Lawan declared.
With public trust in the NNPC already waning, lawmakers warned that the current audit crisis could further damage the company’s reputation if transparency is not urgently restored.
The committee has now mandated that NNPC’s next appearance must be led personally by its CEO, Ojulari. A new date will be announced soon, with lawmakers warning that any further defiance will trigger the Senate’s full legal powers.
