30/07/2025
FEATURE ARTICLE
Senate Turns Heat on NNPC Boss Over N210 Trillion Audit Queries: Is Nigeria’s Oil Money Slipping Through the Cracks?
By Vivian Iwu
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The Nigerian Senate turned a glaring spotlight on the Nigerian National Petroleum Company Limited (NNPCL) on Tuesday, demanding answers about an astonishing N210 trillion worth of unaccounted financial entries in its books.
The Senate Committee on Public Accounts, chaired by Senator Ahmed Wadada Aliu (Nasarawa West), issued a three-week ultimatum to the Group Chief Executive Officer (GCEO), Bayo Ujulari, to respond to 19 lingering audit queries covering a six-year span from 2017 to 2023.
The dramatic session, held at the National Assembly complex, signaled renewed urgency by Lawmakers to tackle what many see as a long-standing opacity in the Nation’s Oil and Gas Revenue Reporting. This comes amid broader national frustration over Economic Stagnation, Inflation, and dwindling trust in Public Institutions.
Senator Wadada was quick to clarify: “We are not saying N210 trillion is missing or stolen. But it has not been properly accounted for.” The distinction may offer technical relief, but the emotional and political weight of the figures remains heavy.
According to the Committee, the sum under scrutiny includes N103 trillion in liabilities and N107 trillion in assets—numbers Lawmakers have described as “troubling, opaque, and largely unsubstantiated.”
Mr. Ujulari, who has been in office for just over 100 days, appeared before the Committee for the first time. He apologized for previous absences and requested more time to study the audit queries, admitting he is still familiarizing himself with the full scope of the issues.
"Business as Usual" or Moment of Reckoning?
The news of the Senate’s directive quickly trended on Social Media Platforms, where Netizens expressed a mix of outrage and exhaustion:
“N210 trillion? Is Nigeria a Bank for Oil Ghosts?”
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“This is not an attack on Ujulari. This is accountability long overdue!”
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“How do we owe trillions and have no functioning refineries?”
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The timing of this Senate push could be politically strategic. With the 2027 Elections slowly coming into view, many Lawmakers—especially from opposition parties—are eager to project themselves as champions of transparency and guardians of public trust.
NNPCL, once a Government-run Corporation and now operating as a Limited Liability Company following the Petroleum Industry Act (PIA) Reforms, has long faced criticism for its lack of transparency. Despite periodic promises of reforms and automation, audits have consistently raised red flags.
Under former leadership, several Audit Exercises highlighted “gross under-remittance” of Revenue, contradictory accounting of oil lifting, and poor record-keeping of joint venture liabilities. With Ujulari stepping in at a turbulent Economic moment, the pressure on his leadership is immense.
“Everyone wants to believe in this ‘new NNPC,’ but until numbers make sense, trust will remain a pipe dream,” said Dr. Helen Otubu, a Petroleum Economist at the University of Abuja.
With the Senate’s deadline ticking, all Eyes will be on Ujulari and his team. If he successfully clarifies the audit queries, it could restore some measure of confidence in the rebranded NNPCL. But a failure to deliver adequate responses could spark calls for deeper investigations, resignations, or even criminal probes.
Behind the Scenes, Civil Society Groups like BUDGIT and SERAP are already hinting at litigation if transparency isn't achieved.
In the words of Senator Wadada: “This is not a witch-hunt. It is about fiscal sanity and National Survival.”
🗣️ Let’s Talk: What do you think about the N210 trillion audit issue?
Should the Senate push harder for a forensic audit?
Do you believe the new NNPC leadership can clean up the system?
How can ordinary Nigerians demand greater transparency in the Oil Sector?
💬 Comment below and tag a friend. Let’s discuss.
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