Ojulari Gets 3 Weeks: Will NNPCL Come Clean on N210 Trillion Query?

For years, questions have lingered over how the Nigerian National Petroleum Company Limited (NNPCL) handles its books. Now, the Senate is pushing for clarity. Last week, the Senate Committee on Public Accounts gave NNPCL’s new boss, Bayo Ojulari, just three weeks to respond to serious audit queries over an unaccounted N210 trillion.

Let that number sink in — N210 trillion. It’s not every day that such a massive sum appears in the headlines. But before anyone jumps to conclusions, the Senate was quick to clarify: “This committee had not, at any time, said the N210 trillion in question was stolen or missing.” According to the Committee on Public Accounts, it’s not about theft. It’s about transparency.

The audit reports, covering 2017 to 2023, revealed discrepancies — or more accurately, gaps in accountability. Senator Ahmed Wadada, who chairs the committee, said the figure includes both liabilities and assets. That’s N103 trillion in liabilities and N107 trillion in assets. But if NNPCL is truly the heart of Nigeria’s economic engine, why hasn’t it been able to reconcile its numbers?

Ojulari, who’s just over 100 days into his role as Group Chief Executive Officer, appeared before the Senate with a tone of humility. He admitted the issues were more complex than he initially understood. “I need to understand the issues myself so I can respond appropriately,” he told the committee. He asked for four weeks to assemble a team, dig through the technical details, and involve external auditors. The Senate gave him three.

His request makes sense. Still, it raises another question why does NNPCL, a multibillion-dollar enterprise, need extra time to explain its own books? Shouldn’t clarity be the default in a national company managing oil revenues?

Also Read: Tinubu Ordered NNPCL Corruption Probe — Investigation Reveals

Lawmakers Push for Transparency in NNPC N210 Trillion Audit Saga

In the hearing, emotions ran high not outrage, but urgency. Members of the Senate Committee on Public Accounts made it clear that this was no witch-hunt. They’re not accusing anyone of looting. But they want clarity, and fast.

“This isn’t from us,” Senator Wadada explained. “These are questions extracted from the audited financial statement by the Auditor-General.” He reminded Ojulari that governance is a continuous process and the queries didn’t just fall out of the sky they were part of formal documentation.

Victor Umeh, representing Anambra, echoed what many Nigerians might be thinking: “We are happy to have you because we have been waiting for you. One thing that must be stated clearly is that we need transparency, and NNPCL is in possession of Nigeria’s economic prosperity.”

If the NNPCL is truly holding the nation’s financial lifeblood, then this audit matters. This isn’t just a Senate exercise. It’s a test of whether public institutions can demand and receive honest answers from those who manage our collective wealth.

Babangida Hussaini (Jigawa) reinforced that point: “There’s a need for the NNPCL management team to address these issues. Governance is a continuous process.” He wasn’t confrontational. Neither were the others. But there was a quiet firmness in their words — a sense that Nigeria cannot afford another episode of financial opacity.

Tony Nwoye, also from Anambra, added a layer of nuance: “It is very important and germane to give them a fair hearing. Maybe the audited report is not correct.” That’s a valid angle too. Audits, like all human work, can be flawed. But that’s even more reason to treat this process seriously. The NNPC N210 trillion audit is more than numbers. It’s about credibility.

Can NNPCL Rebuild Trust Amid NNPC N210 Trillion Audit?

Let’s be honest, the average Nigerian doesn’t care about “liabilities” or “technical reconciliations.” What they care about is trust. Can they trust that oil money is being managed wisely? That the same money that should build roads, fund hospitals, and create jobs isn’t disappearing into a fog of jargon and half-explained spreadsheets?

Ojulari, to his credit, seemed to understand this. His tone before the Senate wasn’t defensive. He admitted that the Senate’s explanations “changed my perspective about the issues.” That’s a good start.

The NNPC N210 trillion audit gives the new GCEO a rare opportunity. He can either be another executive who kicks the can down the road or the one who finally turns the corner on financial accountability in Nigeria’s oil sector. A lot rides on how he chooses to respond — not just for his own credibility, but for the country’s faith in public institutions.

And let’s not forget the elephant in the room. Why did it take this long for these queries to surface publicly? Why wasn’t the NNPCL, even under its previous management, proactive in sharing these figures? The NNPC N210 trillion audit doesn’t just put Ojulari in the spotlight. It raises long-standing questions about corporate governance in one of Nigeria’s most powerful institutions.

As the clock ticks on the three-week deadline, all eyes will be on NNPCL. Will they provide the answers Nigeria deserves? Or will it be another round of half-truths, delays, and vague explanations? Time will tell. But for now, Nigerians are watching — and they’re hoping for more than just words.