Under scrutiny

NNPC CEO Bayo Ojulari faces a Senate ultimatum to explain $137 billion discrepancies in 2017–2023 audits, pledging transparency and reconciliation.

Bayo Ojulari, Group CEO of the Nigerian National Petroleum Company Limited (NNPC), appeared before the Senate Committee on Public Accounts, receiving a three-week ultimatum to clarify discrepancies totalling ₦210 trillion in the company's financial records from 2017 to 2023. The audit identified ₦103 trillion in liabilities and ₦107 trillion in assets. Ojulari, in office for just over 100 days, apologised for previous absences and requested additional time to address the 19 audit queries. He pledged to engage external auditors and relevant groups for reconciliation, emphasising the need for transparency and accountability in the NNPCL's operations.