Senator Adams Oshiomhole has accused Bayo Ojulari, the Group Managing Director of the Nigerian National Petroleum Corporation Limited (NNPCL), of attempting to conceal fraud in the company’s financial records. He made these remarks during a Senate Committee on Public Accounts hearing, where the committee rejected NNPCL’s financial submissions because of discrepancies in expenses and receivables amounting to N210 trillion between 2017 and 2023.
Oshiomhole expressed frustration at the lack of satisfactory explanations from NNPCL leadership and their failure to appear before the committee to defend the figures. He pointed out that the alleged mismanagement involves sums larger than the amount President Bola Tinubu’s administration is currently seeking to borrow from foreign creditors. The senator urged the committee to exercise its constitutional powers to summon the NNPCL boss and, if necessary, compel his appearance before the Senate.
The Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada, has pledged to intensify its scrutiny of NNPCL’s accounts to ensure accountability. This development follows earlier comments from NNPCL’s Chief Financial Officer, Adedapo Segun, who explained that the purported missing funds were cash calls requested by joint‑venture partners and settlements to those joint ventures.
The committee’s investigation aims to clarify the discrepancies and promote transparency in the company’s financial dealings. As the probe continues, it is expected to shed further light on the alleged fraud and the actions of NNPCL’s leadership. Given that NNPCL is a state‑owned oil company, its financial management has significant implications for Nigeria’s economy. The Senate’s efforts to ensure accountability and transparency are crucial for maintaining public trust and confidence in the institution, and the outcome of the investigation is likely to have major consequences for both the company’s leadership and the country’s economic management.
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