The Nigerian Senate Committee on Public Accounts has intensified its probe into the Nigerian National Petroleum Company Limited (NNPCL) following the company’s failure to attend a critical hearing on Thursday regarding alleged financial discrepancies amounting to over N210 trillion in its audited accounts from 2017 to 2023.
NNPCL officials and external auditors did not appear before the committee, even as representatives from the EFCC, ICPC, and DSS were present. In response, the committee, chaired by Senator Aliyu Wadada, issued a 10-day ultimatum for NNPCL’s top management to appear by July 10, 2025, warning of constitutional sanctions if they fail to comply.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, explained the absence, citing a management retreat and requesting a two-month postponement to gather documents. The Senate, however, rejected this, emphasizing that only verbal responses to 11 key questions were required, not further documentation.
Senator Wadada criticized the delay, stating that the committee would not tolerate evasive tactics, especially when public funds are at stake. Other senators, including Abdul Ningi and Victor Umeh, insisted that the Group CEO, Bayo Ojulari, must personally lead the NNPCL delegation at the next hearing.
The Senate’s concerns stem from findings of ₦103 trillion in accrued expenses and another ₦103 trillion in receivables, both lacking adequate documentation. A revised report submitted by NNPCL shortly before the last hearing only deepened suspicions due to inconsistencies with earlier figures.
The committee has made it clear that failure to provide satisfactory answers to the 11 queries could result in legislative action, underscoring the Senate’s commitment to transparency and accountability in the management of national resources.