By Erewunmi Peace

The Nigerian Senate has issued a 21-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to clarify discrepancies amounting to a staggering ₦210 trillion in its audited financial statements spanning 2017 to 2023.

This decision followed a review by the Senate Committee on Public Accounts, which flagged ₦103 trillion listed as liabilities and ₦107 trillion in receivables — both considered unsupported by adequate documentation.

According to the Committee Chairman, Senator Aliyu Wadada, the figures raise critical transparency concerns. “This is not an accusation of missing funds, but a demand for clarity and accountability,” he emphasized.

The NNPCL’s Group Chief Executive Officer, Engr. Bayo Ojulari, who appeared before the committee for the first time since assuming office 100 days ago, acknowledged the audit challenges and requested more time to reconcile the financial records.

After deliberation, the Senate granted the corporation 21 days to return with verifiable documents and explanations addressing the inconsistencies.

This marks one of the most significant financial scrutiny cases involving a government-owned entity in recent times, further fueling ongoing calls for transparency and accountability in Nigeria’s oil and gas sector.

The development comes amid heightened public interest in the financial operations of NNPCL following its transformation from a government agency into a limited liability company under the Petroleum Industry Act (PIA).