The committee chairman, Sen. Wadada, emphasised that the NNPCL probe is a constitutional obligation not a political vendetta.
The Senate, through its Public Accounts Committee (PAC), has clarified that the ₦210 trillion financial query raised against the Nigerian National Petroleum Company Limited (NNPCL) in federal audit reports covering 2017 to 2023 does not imply theft, but rather an unaccounted sum that the national oil company must explain.
This clarification was issued during a high-stakes investigative hearing held on Thursday, chaired by Sen. Aliyu Wadada (SDP, Nasarawa west).
The committee reaffirmed its demand for the Group Chief Executive Officer (GCEO) of NNPCL, Engr. Bayo Ojulari, to appear in person and provide explanations for the financial discrepancies and other audit red flags raised against the corporation over the seven-year audit period.
NNPCL to explain massive audit irregularities
The PAC had summoned NNPCL executives following multiple audit reports by the Office of the Auditor-General for the Federation, which flagged a staggering ₦210 trillion in unaccounted revenues and expenditures related to NNPCL’s operations.
At an earlier session held on 26 June 2025, the committee directed that the GCEO must appear along with key officers on 10 July 2025 to defend the audit queries. However, during Thursday’s hearing, Mr. Dapo Segun, the Chief Financial Officer of NNPCL, appeared in Ojulari’s place, citing the GCEO’s participation at the ongoing OPEC meeting in Vienna, Austria.
Senators accuse NNPCL boss of contempt
The committee flatly rejected the CFO’s attempt to represent the GCEO, insisting that the summons was non-delegable and must be honoured in person by the head of the company.
Leading the charge, Sen. Abdul Ningi (PDP, Bauchi central) criticised what he described as the GCEO’s persistent disregard for Senate invitations.
“It is very disturbing and unacceptable for the GCEO of NNPCL to dishonour this committee’s invitation once again. He has never appeared before this committee since his appointment, and we see that as contemptuous.
“The invitation preceded the OPEC meeting. He had every opportunity to prioritise this committee’s directive, which represents the Nigerian people. He must appear before us as ordered,” Ningi said.
Backing this stance, Sen. Adams Oshiomhole (APC, Edo north) warned that no public official is above the law.
Nobody is bigger than the country and anybody who feels so, has no business in government. NNPCL GCEO should make good use of the window of invitation for appearance being offered him now before the door is shut against him with forceful one.
“The committee is not appealing but ordering him to appear before it which in his own interest, must be obeyed,” Oshiomhole said.
Senate denies witch-hunt
Responding to speculations of a targeted campaign against NNPCL, the committee chairman, Sen. Wadada, emphasised that the probe is a constitutional obligation—not a political vendetta.
“I don’t have anything against anybody in NNPCL just as other members of the committee, but carrying out our constitutional mandate of ensuring probity and accountability on spending of public funds.
“NNPCL as clearly stated in the audit report of 2017 to 2023, must account for N210trillion financial infraction.
“This committee never said NNPCL stole the money but is requesting it to account for it.
He further reiterated that the GCEO’s presence is non-negotiable, and the committee would communicate a new date for his compulsory appearance.
“The GCEO of NNPCL must appear before this committee to give the account and offer explanations on other queries raised,” he said.
