The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, came under intense scrutiny from the Senate over ₦210 trillion in unsubstantiated financial entries spanning 2017 to 2023. The Senate committee had previously warned that failure to provide detailed explanations could lead to serious constitutional consequences.
During a tense hearing on Tuesday, Ojulari appeared unprepared and unfamiliar with the audit discrepancies. He claimed he had only recently received details regarding the committee’s invitation and requested more time to examine the financial irregularities, citing his focus on reversing Nigeria’s declining oil production.
“I think your commentary today brings a clearer perspective to what I actually thought the issue was,” Ojulari admitted. “There’s quite a bit of further digging I have to do myself. I want to plead with the Chairman to kindly give me some time to better understand the issues you’ve raised. I had not gotten that perspective before now. Your explanation has completely changed how I view the matter.”
Senator Adams Oshiomhole (Edo South) blasted Ojulari for his lack of preparedness and for previously sending representatives who were equally uninformed.
“I don’t know how easily you accept apologies,” Oshiomhole said sharply.
“Is the MD now telling us that all the people he sent—once, twice, or even three times—were not in a position to brief him on the matters before this committee? So how can he now claim ignorance? That means he sent people with no authority or knowledge. Apologies are not enough. If you delegate, you delegate someone who is capable of representing your position and defending the facts. Sending people who can’t even report back to you is completely unacceptable.”
Ojulari further irritated the lawmakers by requesting the formation of a joint technical committee to investigate the ₦210 trillion in question.
“I also make a plea, Mr. Chairman,” he said, “for the technical nature of these details. If you could permit me to form a small crack team—about three to four people—specifically to dig into these questions… If we could work jointly with any group you deem appropriate, at least we’d be able to reconcile the data properly. I’d be grateful for that privilege.”
After a heated back-and-forth, the Senate committee—chaired by Senator Aliyu Wadada, who had previously summoned Ojulari after repeated absences—granted a 21-day deadline for the NNPCL boss to return with a comprehensive and satisfactory explanation.
Explaining the nitty gritty of the queries to the NNPCL GCEO, Senator Wadada said the unaccounted N210trillion are broadly in two components of N103trillion liabilities and N107trillion assets which according to him must be accounted for .
“There are none out of the 18 or 19 questions we have on NNPCL from us as a committee, neither did it come from the executive or judiciary, they are questions extracted from the audited financial statement of the NNPCL by the auditor -general covering 2017 to 2023 .
“Also this committee had not at any time, said the N210trillion in question as far as the queries are concerned, was stolen or missing. What the committee is doing, is required investigation on queries raised in the report in line with its constitutional mandate.
“Therefore, the committee is giving NNPCL three weeks to forward written responses to it on all the 19 queries after which the GCEO will be invited along with with other management staff for physical appearance and defence”, he said.
Earlier before the ruling of the Chairman, virtually all members of the committee spoke on seriousness of the issues at stake and the need for the NNPCL Boss to see it as such.
