The Nigerian Senate issued a 10-day ultimatum on June 26 to Bayo Ojulari, Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), to account for N200 trillion in unremitted oil revenues from 2015 to 2024.
The directive, issued during a Senate Committee on Public Accounts hearing, follows a 2024 audit revealing discrepancies in NNPCL’s crude oil sales and subsidy payments, which cost Nigeria $10 billion annually.
The committee, chaired by Senator Mohammed Ndume, demanded detailed records of 30 million barrels sold in 2023, citing missing funds equivalent to 5% of Nigeria’s $400 billion GDP. Ojulari defended NNPCL, claiming revenues were reinvested in infrastructure, including a $3 billion Dangote Refinery stake, but failed to provide audited statements, prompting the ultimatum. Failure to comply by July 6, 2025, could lead to Ojulari’s suspension, with the Senate considering contempt charges.
The probe intensifies scrutiny on NNPCL, which manages 80% of Nigeria’s 2 million barrels daily oil output. Critics highlight inefficiencies, noting Nigeria’s refining capacity remains below 10% despite $5 billion in turnaround maintenance since 2010. The Senate’s action aligns with Tinubu’s anti-corruption drive, with plans to digitize NNPCL’s accounting by 2026 to curb losses.
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