Group Commends Ojulari’s Transparency as NNPCL Responds to N210trn Audit Queries …urges Nigerians to back Tinubu’s vision to restore NNPCL’s integrity

By our Correspondent

A coalition of civil society and accountability advocates under the aegis of the Network for Transparency and Economic Reform (NETER) has lauded Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), for what it described as his “transparent and reform-oriented leadership” in opening the company’s books for parliamentary and public scrutiny.

The commendation follows the confirmation by the Senate Committee on Public Accounts that the NNPCL has formally responded to 19 audit queries raised by the Auditor-General of the Federation, concerning discrepancies totaling about N210 trillion in its financial statements covering 2017 to 2023.

In a statement issued on Friday, Dr. Lukas Yusuf, President of NETER, described the NNPCL management’s decision to directly engage the Senate and provide detailed answers to all audit questions as “a refreshing shift from the long-standing culture of secrecy that has defined Nigeria’s oil sector.”

> “For once, Nigerians are witnessing an era where their national oil company no longer hides from scrutiny. The management of NNPCL, under Bayo Ojulari, has demonstrated readiness to embrace institutional accountability. This is how public trust and confidence in national institutions are rebuilt,” Yusuf stated.

He noted that Ojulari’s leadership style represents a “clear departure from the past,” aligning with President Bola Ahmed Tinubu’s broader vision of transparency, fiscal responsibility, and reform within government enterprises.

> “The reforms taking place under Ojulari’s leadership are in full harmony with President Tinubu’s agenda to restore integrity in public institutions. When NNPCL opens its financial records for legislative examination, it sends a strong signal that accountability is now a national priority,” Yusuf added.

The group appealed to Nigerians and the media to allow the audit process to proceed objectively, noting that the Senate Committee has already confirmed receipt of NNPCL’s detailed responses and is set to begin an in-depth review.

> “We commend Senator Aliyu Wadada, Chairman of the Senate Public Accounts Committee, for his professionalism in handling this complex exercise. It is vital that the process remains transparent and that the public is adequately informed when the final report is released,” Yusuf advised.

He further highlighted that this marks the first time in NNPCL’s history that the company is publicly engaging in an audit exercise of such magnitude since its transition to a limited liability company under the Petroleum Industry Act (PIA).

> “In the past, NNPC’s financial records were shrouded in secrecy. Nigerians only heard about figures without ever seeing the process behind them. Now, for the first time, financial and operational data are being disclosed, audit queries are being addressed, and accountability systems are actively functioning. That is a major milestone,” Yusuf stated.

Yusuf urged Nigerians, civil society, and industry stakeholders to support rather than politicize the ongoing reforms, emphasizing that the initiative is a collective effort to rebuild public confidence in the management of the nation’s oil revenues.

> “Transparency cannot thrive in isolation. Citizens who demand accountability should also encourage it when genuine progress is made. This should be seen as a collective victory for governance, democracy, and the national economy,” he concluded.

The Network for Transparency and Economic Reform reaffirmed its commitment to monitoring NNPCL’s compliance with the audit recommendations once the Senate concludes its review and pledged to release an independent assessment of the process later this year.

> “Our goal is to ensure that this new culture of openness in the petroleum sector becomes permanent. The transparency being demonstrated by NNPCL under Ojulari’s leadership should serve as a model for all public institutions in Nigeria,” the statement added.