The Nigerian National Petroleum Company Limited (NNPCL) posted ₦6.008 trillion in revenue for May 2025, up from ₦5.972 trillion in April, driven by improved crude oil and condensate output. Profit after tax also jumped 14% to ₦1.054 trillion, up from ₦926 billion, according to the company’s latest Monthly Report Summary released Monday.
But while the national oil company is reporting strong financial performance, it is also facing intensifying scrutiny from the Senate over audit discrepancies totaling ₦210 trillion, which now overshadow its profit milestones.
Operational Gains in Oil, Gas, and Sales
Crude oil and condensate production rose slightly in May, averaging 1.63 million barrels per day (mbpd), compared to 1.61mbpd in April. Crude held steady at 1.35mbpd, while condensate volumes improved to 0.28mbpd.
Gas production remained stable at 7.352 billion standard cubic feet per day (bscf/d), with a slight dip in sales from 4.240 bscf/d in April to 4.185 bscf/d in May.
Sales volumes rose sharply to 24.77 million barrels of crude and condensate, up from 22.16 million barrels in April, marking the highest monthly export figure since February.
However, downstream operations showed signs of stress, with fuel availability at NNPC Retail stations falling to 62% in May, down from 70% the previous month. Industry sources attribute the drop to logistical pressures and ongoing post-subsidy pricing volatility.
Strategic Projects Advance, But Questions Mount
NNPCL reported continued progress on strategic infrastructure:
- OB3 Gas Pipeline: 96% complete
- Ajaokuta-Kaduna-Kano (AKK) Pipeline: 81% complete
- Upstream pipeline uptime: 98% availability
- Turnaround maintenance was completed in May on the Trans Escravos Pipeline, Opuama, Obigbo, and Agbada flow stations.
Yet, these technical strides are now under the cloud of a Senate audit probe into ₦210 trillion in financial discrepancies spanning 2017 to 2023.
Senate Summons GCEO Over Missing ₦210 Trillion
Last Thursday, the Senate Committee on Public Accounts summoned NNPCL Group CEO Bashiru Bayo Ojulari to appear in person within 10 working days to address alleged discrepancies uncovered in the company’s audited financial statements.
The audit queries include:
- ₦103 trillion recorded as accrued expenses
- ₦107 trillion listed as receivables—both yet to be reconciled
The company had requested a two-month extension, citing a management retreat and ongoing data collation. The Senate, however, rejected the excuse.
“We will not tolerate further delays. These audit figures are now public and demand immediate clarification,” said Committee Chairman Senator Aliyu Wadada, who threatened legal consequences, including a warrant of arrest, if the GCEO fails to appear at the reconvened session on July 10.
IPO Plans Complicated by Transparency Issues
The Senate expressed concern that the discrepancies were published in official audited statements, despite the company’s ongoing internal reconciliation.
“If reconciliation wasn’t complete, why approve the financials?” Senator Wadada asked. “Especially with NNPCL moving toward an initial public offering (IPO). Transparency must precede market listing.”
NNPCL CFO Adedapo Segun previously claimed that the ₦107 trillion figure represents unpaid Joint Venture cash calls that would cancel out the ₦103 trillion in expenses upon reconciliation. But the Senate has ruled out post-submission clarifications, demanding answers strictly based on the published records.
CSR Spotlight Amid Financial Questions
Meanwhile, under its Corporate Social Responsibility (CSR) efforts, NNPC Foundation reported:
- 6,028 cataract surgeries completed nationwide
- Starter packs distributed to 531 NYSC corps members
- MRI equipment donated to Kano and Anambra hospitals
These social interventions, while commendable, may not be enough to shield the company from rising calls for financial accountability and audit transparency.
Growth Under Scrutiny
NNPCL’s May performance reflects significant operational and financial growth, but the timing is critical. With a ₦210 trillion audit probe looming, Senate scrutiny intensifying, and IPO aspirations at stake, the company now stands at a crossroads.
Whether it can maintain market confidence depends not only on production and profit, but also on its willingness to fully disclose, explain, and resolve the massive audit discrepancies now in the public domain.
