The Senate Committee on Public Accounts issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) for failing to address a N210tn financial discrepancy in its 2017-2023 audited reports.
On Thursday, NNPCL officials and auditors skipped a scheduled Senate probe, prompting lawmakers to demand top executives, including Group CEO Bayo Ojulari, appear by July 10 to answer 11 key questions. NNPCL’s absence followed a letter from Chief Financial Officer Dapo Segun requesting a two-month delay due to a management retreat.
The committee, chaired by Senator Aliyu Wadada, rejected the request, calling it unacceptable for NNPCL to delay responses to its own audited records. Lawmakers flagged N103tn in undocumented accrued expenses, including N600bn in fees, and another N103tn in receivables, with a revised report raising further concerns.
Senators Abdul Ningi, Onyekachi Nwebonyi, and Victor Umeh criticized NNPCL’s absence, warning of constitutional sanctions if the company fails to comply. The panel emphasized the need for transparency, noting the discrepancies as “mind-boggling” and demanding verbal responses at the next hearing.
The probe follows last week’s grilling of NNPCL executives over irregularities. The committee vowed to invoke legislative powers if NNPCL does not address the concerns by July 10, stressing accountability to Nigerians.
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