Senator Adams Oshiomhole, representing Edo North, has accused the Nigerian National Petroleum Corporation Limited (NNPCL) of attempting to conceal alleged financial irregularities totaling N210 trillion between 2017 and 2023. The claim was made during a session of the Senate Committee on Public Accounts, which rejected NNPCL’s financial statements for the period.

Oshiomhole criticized the NNPCL’s Group Managing Director, Bayo Ojulari, for failing to appear before the committee or provide adequate explanations for the discrepancies. The senator warned that the alleged mismanagement dwarfs the amount the federal government is currently seeking to borrow from international creditors.

“Explaining what has been inherited is your responsibility, yet the GMD repeatedly avoids accountability. Charging subsidies on refined products at this scale amounts to monumental fraud,” Oshiomhole said, highlighting the seriousness of the situation.

The Senate committee, chaired by Senator Aliyu Wadada of Nasarawa West, pledged to intensify scrutiny of NNPCL’s accounts to ensure transparency and accountability.

NNPCL’s Chief Financial Officer, Adedapo Segun, had previously told the committee that the missing funds were linked to cash calls and settlements with joint venture partners. However, Oshiomhole expressed skepticism over this explanation and urged the committee to exercise its constitutional authority to compel the NNPCL leadership to appear before it.

The controversy adds pressure on NNPCL as it pursues ambitious plans, including increasing ownership stakes in refineries and achieving 2 million barrels per day production by 2027.