The Nigerian National Petroleum Company Limited (NNPCL) has sought extra time to address 19 audit queries involving over ₦210 trillion in unaccounted funds.
The Senate Committee on Public Accounts revealed this on October 7, 2025, after earlier demanding answers from NNPCL’s CEO, Bayo Ojulari, within three weeks in July.
Audit Period and Transition
The queries cover 2017–2023, a period when NNPCL shifted from a public entity to a commercial company under the Petroleum Industry Act. This transition has raised questions ABOUT financial accountability.
Committee Awaits Full Review
Senator Aliyu Wadada, committee chairman, told reporters post-plenary that NNPCL submitted responses during the Senate recess.
“They requested time to compile data, which we granted,” he said. The committee has yet to evaluate the answers but plans a thorough review.
Broader Financial Concerns
Wadada highlighted additional probes into production-sharing contracts and crude oil cost structures. “Nigerians deserve clarity on revenue splits among NNPCL, global oil firms, and the government,” he noted. Concerns also arise over NNPC Retail’s reported losses, puzzling given its commercial focus.
Commitment to Transparency
The investigation is a key focus of the 10th Senate, spotlighting NNPCL’s shift to a profit-driven model. Wadada promised a fair process.
“Once we review the responses, we’ll share findings with Nigerians, showing what holds up and what doesn’t,” he assured.
Public Awaits Outcome
The committee’s work underscores demands for accountability in Nigeria’s oil sector. As the review progresses, the public anticipates detailed insights into NNPCL’s financial practices and their impact on national revenue.
