The Nigerian Senate has raised fresh concerns over the Nigerian National Petroleum Company Limited (NNPCL)’s failure to account for a staggering N210 trillion flagged in the 2017–2023 audit report by the Office of the Auditor-General for the Federation.

At a hearing held on Thursday, Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada, made it clear that while the Senate is not accusing NNPCL of stealing the funds, it is demanding full accountability in line with its constitutional responsibility to safeguard public resources.

“This is not about theft, it’s about transparency and ensuring that funds belonging to Nigerians are properly accounted for,” Wadada stated.

The committee stressed that contrary to some media reports, the Senate did not declare that NNPCL stole the money, but noted that the company has yet to provide a satisfactory explanation for the audit issues raised.

Meanwhile, tension heightened when the NNPCL Group CEO, Bayo Ojulari, failed to appear before the committee, citing an OPEC meeting in Vienna. Instead, he sent the company’s Chief Financial Officer, Dapo Segun. However, the committee rejected Segun’s presentation, insisting that Ojulari must appear in person to address the serious audit concerns.

Senator Abdul Ningi expressed disappointment that Ojulari has not honored any committee invitations since his appointment, while Senator Adams Oshiomhole warned against disrespecting the authority of the Senate.

“Nobody is above Nigeria. Anyone who thinks otherwise has no business being in government,” Oshiomhole cautioned, urging Ojulari to comply before tougher measures are taken.

Earlier, the Senate Committee had given Ojulari a deadline of July 10 to respond to the audit queries or risk facing an arrest warrant. With his absence on the agreed date, the Senate reaffirmed its stance, demanding his appearance to clear the air over the massive unaccounted funds.

This development underscores the Senate’s determination to ensure that agencies like NNPCL uphold principles of transparency and accountability — vital for public trust and national development.