Aliyu Wadada, the Chairman of the Senate Committee on Public Accounts (SPAC), says that the current leadership of the Nigerian National Petroleum Company Limited (NNPCL) has not done a good job of explaining the alleged ₦210 trillion errors in the company’s financial records.
Senator Wadada, who is from the Nasarawa West Senatorial District in the 10th National Assembly, said this on Channels Television yesterday night.
He said that the current NNPCL administration, led by Group Chief Executive Officer Bayo Ojulari, did not give good enough justifications.
“We are not happy after it has been confined. He stated, “The audited financial statement of NNPC is the final book or document that shows your financial dealings, both on the side of assets and liabilities.”
He said that the corporation listed ₦103 trillion as accumulated expenses under liabilities, but he didn’t give any more information to back that up.
“NNPC under liabilities indicated that its incurred expenses during that time were and still are ₦103 trillion. Then tell us how you acquired the ₦103 trillion. There were no numbers attached to any of the objects, which is enough to make them look bad. Its liabilities number is not acceptable because it is not backed up.
The chair of the Senate committee also said that Mele Kyari, the company’s former Group Chief Executive Officer, did not dispute the ₦210 trillion assertions when he was in charge.
The Senate committee’s study of NNPCL’s audited financial records from 2017 to 2023 is what caused the dispute.
During the investigation, MPs pointed out financial records that added up to ₦210 trillion, which they allege the corporation hasn’t fully justified.
The congressman said that the amount being looked into was so large that it was hard for any reasonable person to understand.
“The mind-boggling figure of ₦210 trillion is impossible for any normal mind to understand, to say it is missing.” He said, “It’s silly and hard to understand.”
The committee has since called on former high-ranking oil firm officials, including Kyari, to come before MPs and explain the differences.
Ojulari appeared before the committee on July 29, 2025, in response to an earlier summons. He said that he needed more time to thoroughly study and grasp the problems that were pointed up in the company’s audited financial accounts for the years 2017 to 2023.
“I’ve only been in office for 100 days, so I need more time to fully understand the problems.” My point of view has changed after hearing the explanation I received today.
“I need to do more internal review and reconciliation to give the committee the answers it needs.” The head of the NNPCL remarked, “He promised to put together a team to work on the questions.”
Request to Show Up
Senator Wadada says that accounting rules say that numbers that are recorded as either assets or liabilities must go through the profit and loss account before they can be correctly shown in financial statements.
He also said that the committee has decided to hold a public hearing with former management executives from the national oil firm to clear up any confusion.
The prior leadership is being asked to come before the committee in a public hearing to clarify the air about this behavior, which is controversial, unclear, and unacceptable. The Senate committee remarked, “We will write to them right after Eid through the GMD of the NNPC.”
“Not Afraid to Question the Minister of Petroleum”
The congressman further said that the Senate committee will not be afraid to interrogate any government official, even the Minister of Petroleum Resources, President Bola Tinubu.
“We’re not scared to talk to the minister.” He remarked, “When we get there, if we need to invite the president or ask the president a question, we will.”
But he did say that the committee doesn’t think President Tinubu is aware of the supposed problems right now.
“The president doesn’t know anything.” We know he doesn’t know anything, even if we don’t ask him.
In response to concerns that the investigation may be politically driven, Senator Wadada said that it is not a witch hunt and is not affected by party politics.
He went on to say that the committee would hold everyone accountable, no matter what political party they belong to.
Important Financial Issues Brought Up
The Senate Committee on Public accounting looked at the NNPCL accounting from 2017 to 2023 and found two big numbers that it stated weren’t backed up correctly.
The company said that Joint Venture cash calls were responsible for these, which include ₦103 trillion recorded as accumulated expenses and liabilities.
Lawmakers were skeptical of the allegation because NNPCL made about ₦24 trillion in income over five years, making it hard to support the ₦103 trillion figure.
The committee also pointed out that ₦107 trillion was labeled as “sundry receivables,” which means that banks and other businesses owe the corporation money but it is “unverifiable” since there is not enough information available.
Lawmakers also asked about the ₦5.9 billion spent on the company’s rebranding, as well as claims of subsidy problems and contested production prices. After previous explanations were turned down, the present management has been asked to give reconciled records.
In the meantime, President Tinubu signed Executive Order No. 9 of 2026 to change the financial structure of the Petroleum Industry Act (PIA) 2021.
The ruling says that money made from oil and gas operations under Production Sharing Contracts should go straight to the Federation Account.
It also stops the 30% management fee that NNPC Limited used to keep and the 30% Frontier Exploration Fund deduction.
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