Senate Panel Slams NNPCL with 10-Day Ultimatum over ₦210tn Financial Discrepancy Probe
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The Nigerian National Petroleum Company Limited (NNPCL) is facing mounting pressure from the Senate Committee on Public Accounts after failing to appear at a crucial hearing probing alleged financial discrepancies amounting to over ₦210 trillion in its audited accounts from 2017 to 2023.
Despite receiving official summons, neither NNPCL officials nor their external auditors attended the Senate session held on Thursday. Their absence drew sharp criticism from lawmakers, especially given the gravity of the investigation and the figures in question.
In contrast, representatives from key anti-corruption and security agencies—the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Department of State Services (DSS)—were present at the hearing.
The Senate committee, chaired by Senator Aliyu Wadada, immediately issued a 10-day ultimatum, demanding the appearance of NNPCL’s top leadership, including the Group Chief Executive Officer, Bayo Ojulari, by July 10, 2025. Failure to comply, the panel warned, would trigger constitutional sanctions.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session. In the letter, the company cited an ongoing management retreat and requested a two-month extension to adequately prepare the required information and documentation.
“Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for two months from now to enable us to collate the requested information and documentation,” the letter read in part.
NNPCL further explained that members of its board and senior management were out of office due to the retreat, making attendance at the June 26 session impossible. The company pledged its commitment to the process but asked for more time.
Lawmakers, however, were unimpressed. Senator Wadada dismissed the extension request, emphasizing that the panel had only asked NNPCL for verbal responses to 11 specific questions—not documents.
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated. “If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers.”
Other senators voiced similar frustrations. Senator Abdul Ningi (Bauchi Central) stressed that the Group CEO, Bayo Ojulari, must personally lead the NNPCL delegation at the next hearing. Senator Onyekachi Nwebonyi (Ebonyi North) interpreted the delay request as a sign that NNPCL had no immediate answers, but affirmed the Senate’s readiness to grant them a fair hearing on July 10.
Senator Victor Umeh (Anambra Central) issued a stern warning: “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
The tension follows last week’s grilling of NNPCL officials over what the committee described as “mind-boggling” inconsistencies in the company’s financial statements. Notably, the Senate flagged ₦103 trillion in accrued expenses—covering retention fees, legal, and audit costs—without corresponding documentation. Additionally, another ₦103 trillion listed as receivables has come under scrutiny.
Further complicating matters, NNPCL had submitted a revised financial report shortly before the last hearing, contradicting figures in its previously published accounts and raising even more questions.
The Senate committee reiterated its demand for comprehensive answers to the 11-point query it had earlier submitted to the NNPCL leadership. Lawmakers made it clear that legislative action will follow if the July 10 deadline is ignored.
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