The Network for Transparency and Economic Reform (NETER), a coalition of civil society and accountability advocates, has commended the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, for reportedly subjecting the company’s finances to parliamentary and public scrutiny.
NETER’s statement follows the reported confirmation by the Senate Committee on Public Accounts that the NNPCL has formally responded to 19 audit queries issued by the Auditor-General of the Federation concerning discrepancies amounting to about N210 trillion in the company’s financial statements from 2017 to 2023.
In a statement on Friday, October 10, NETER President Dr. Lukas Yusuf said the NNPCL’s decision to engage directly with the Senate and provide detailed answers to all the audit questions signals a new era of openness in Nigeria’s oil sector.
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“For once, Nigerians are witnessing an era where their national oil company no longer hides from scrutiny,” Yusuf said.
“The management under Bayo Ojulari took the initiative to respond comprehensively to all 19 audit queries, demonstrating a clear willingness to embrace institutional accountability.”
Yusuf described Ojulari’s leadership as “a clean break from the past,” aligning closely with President Bola Tinubu’s reform agenda focused on transparency, fiscal discipline, and corporate governance within public institutions.
“The reforms happening under Ojulari’s watch are directly in sync with President Tinubu’s call for the restoration of integrity in public corporations,” Yusuf said.
“When a company like NNPCL opens its financial records to legislative scrutiny, it sends a powerful message that accountability is no longer negotiable.”
He urged Nigerians and the media to allow the Senate Committee’s review process to proceed without interference, noting that the committee, chaired by Senator Aliyu Wadada, had confirmed receipt of NNPCL’s detailed responses.
According to Yusuf, this marks the first time in NNPCL’s history that the company is engaging publicly with an audit exercise of such scale since its transformation into a limited liability company under the Petroleum Industry Act (PIA).
“Before now, NNPC’s books were a mystery. Nigerians only heard figures without seeing the process behind them,” he said.
“Today, we’re witnessing a new phase where financial and operational data are shared, audit questions are answered, and accountability mechanisms are being tested in real time. That is historic.”
The group urged citizens, civil society, and industry stakeholders not to politicise the process but to support ongoing reforms aimed at rebuilding public trust in the management of oil revenues.
“Transparency does not thrive in isolation. The same citizens demanding accountability must also encourage it when they see genuine effort,” Yusuf noted.
“We urge Nigerians to see this as a collective win for governance, democracy, and the economy.”
NETER also pledged to monitor the implementation of NNPCL’s responses once the Senate completes its review and said it will publish an independent assessment of the process later this year.