A major confrontation is brewing between the Senate Public Accounts Committee and the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari.
The lawmakers on Thursday issued a stern ultimatum to the boss of the state-owned oil giant to account for N210 trillion in financial discrepancies or face the full weight of the law, including arrest, prosecution, and public exposure.
At a heated session held at the National Assembly on Thursday, senators expressed outrage over NNPC’s persistent refusal to comply with multiple invitations, the non-appearance of its top leadership, and what they described as “insulting” attempts to evade accountability.
Chairman of SPAC, Senator Aliyu Wadada, said, “Let it be understood clearly. We are not pleading. The invitation extended to the NNPCL CEO to appear was not optional.This committee derives its powers from the express provisions of the Nigerian Constitution and relevant legislative frameworks. Anyone too big to comply with the law should consider relocating.”
Wadada warned that the Senate would not hesitate to invoke its constitutional powers to summon, arrest, and prosecute any public officer who undermines its authority.
The current impasse stems from glaring inconsistencies in NNPCL’s audited financial statements, which the committee insists must be resolved.
At the heart of the issue is the company’s reporting of N210 trillion in assets and liabilities that remain unexplained and unsupported by documentation.
Wadada said, “What we have said, and continue to insist, is that NNPCL must account for the N210 trillion reflected in its audited financial statements.
“There are discrepancies such as an unsubstantiated accrued expense of N103 trillion, when only N3–N5 trillion appears on the profit and loss account. The asset figures are equally vague and unsupported. That is why we’ve raised the alarm.”
The senator clarified that the committee had not accused NNPC of theft, but insisted that proper documentation and explanation must accompany figures of such magnitude.
He said, “The figures as submitted cannot be accepted. They were not netted off properly, and the documents lack coherence in both liabilities and assets. We are not auditors for NNPCL—it is their responsibility to explain their records. Until they do so, the sum of N210 trillion remains in question.”
The committee’s frustration was further compounded by the NNPC’s apparent disregard for legislative procedure.
According to Senator Wadada, the consistent absence of the Group Chief Executive Officer from committee hearings reflects not only disrespect for the institution of the Senate but also a broader lack of transparency.
He said, “It is insulting to send subordinates when the Group CEO is clearly the one mandated to provide answers. This committee is composed of accomplished professionals and statesmen—including former governors and seasoned accountants. Their time and integrity must not be taken for granted.”
Backing this position, Senator Kaka Shehu Lawan (SAN) and representative of Borno Central, described the NNPC’s attitude as “a slap in the face” of the Nigerian people.
He said, “We are senators of the Federal Republic. We sit in plenary three times a week and hold oversight and committee meetings every other day. For the GMD to repeatedly ignore this summons is not only an insult to this committee but to the Nigerian people. We have former governors and respected legal professionals on this committee. Enough is enough.”
Lawmakers noted that while public trust in NNPC has steadily eroded in recent years, this latest audit crisis could mark a turning point—especially if it continues to resist transparency.
The Senate committee has now directed that NNPC’s next appearance must be led by its Group Chief Executive Officer, Ojulari.
The date for that appearance, according to the committee, will be communicated shortly, and failure to comply may result in the exercise of the Senate’s coercive powers.
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