The Nigerian National Petroleum Company Limited (NNPCL) has formally responded to 19 audit queries raised by the Auditor-General of the Federation, covering alleged discrepancies of about ₦210 trillion in its accounts between 2017 and 2023.
The move, confirmed by the Senate Committee on Public Accounts, is one of the most extensive audit engagements in the company’s history and comes after its transition into a limited liability company under the Petroleum Industry Act (PIA).
Ojulari opens the books
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Under the leadership of Bayo Ojulari, Group Chief Executive Officer of NNPCL, the company submitted detailed responses to the Senate committee. Lawmakers say the process signals a major shift toward accountability in managing Nigeria’s oil revenues.
“This is the first time the NNPCL has opened its books in such a comprehensive manner to legislative scrutiny,” a committee aide reckoned. “The documents are now being reviewed, and Nigerians will be updated once the Senate completes its assessment.”
Committee chairman Senator Aliyu Wadada assured that the review would be transparent, with findings made public after proper scrutiny.
NNPCL Group Chief Executive Officer, Bayo Ojulari.
NNPCL boss gets applause
The development has drawn praise from the Network for Transparency and Economic Reform (NETER), which described Ojulari’s decision as “a refreshing departure from the culture of opacity that long defined Nigeria’s oil sector.”
In a statement signed by its president, Dr Lukas Yusuf, NETER said the move reflects President Bola Tinubu’s wider reform agenda in public institutions.
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“For once, Nigerians are witnessing an era where their national oil company no longer hides from scrutiny,” Yusuf said. “The fact that NNPCL, under Ojulari, took the initiative to respond comprehensively to all 19 audit queries shows a willingness to submit to institutional accountability. This is how confidence in public institutions is built.”
Transparency as the new standard
President Bola Tinubu (L) and new NNPCL GCEO, Bashir Bayo Ojulari.
The group highlighted that until now, the NNPC’s books were largely a mystery, with figures often released without any proper audit trail.
“Today, we are seeing a new phase where financial and operational data are being shared, audit questions are being answered, and accountability mechanisms are being tested in real time. That is historic,” Yusuf added.
NETER urged Nigerians not to politicise the audit but to see it as a collective effort to rebuild public trust. It also pledged to release its own independent review once the Senate concludes its findings.
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“Transparency does not thrive in isolation. The same citizens demanding accountability must also encourage it when they see genuine effort. This is a win for governance, democracy, and the economy,” Yusuf stressed.
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