The Senate Committee on Public Accounts has issued a 10‑day deadline to the Nigerian National Petroleum Company Limited (NNPCL), after its failure to appear before the panel investigating suspected ₦210 trillion discrepancies in the company’s audited accounts from 2017 to 2023 .
Despite being officially summoned, no NNPCL officials or their external auditors were present at Thursday’s hearing. Instead, law enforcement agencies such as the EFCC, ICPC, and DSS sent representatives .
Ultimatum & Pushback
Committee chairman Senator Aliyu Wadada declared that NNPCL executives must appear before the panel by July 10, warning of constitutional repercussions if they fail to comply . The ultimatum was delivered after the Senate dismissed a letter from the company’s CFO, Dapo Segun, requesting a two‑month deferral due to a management retreat and the need to collate documents.
Senator Wadada stressed that what the committee requires is verbal answers to 11 pointed questions, not additional documentation – and emphasised that a two‑month postponement would be unacceptable .
Demand for Leadership Presence
Senator Abdul Ningi insisted that NNPCL’s Group CEO Bayo Ojulari, who assumed office on April 2, must lead the next delegation . Senator Onyekachi Nwebonyi added that the two‑month extension proposal raises serious doubts about the company’s readiness to respond – though the committee is willing to reconvene on July 10 . Meanwhile, Senator Victor Umeh warned that another absence would make the Senate look ineffectual .
Audit Discrepancies: ₦103 Trillion Each
Earlier proceedings saw senators exposing a staggering ₦103 trillion in accrued expensescovering retention fees, legal and audit costs—without proper documentation. Another ₦103 trillion was flagged under “receivables.” Compounding the issue, NNPCL submitted revised figures shortly before the hearing, deepening concerns .
With verbal responses demanded for 11 specific audit queries, the Senate remains adamant that failure to comply will result in formal legislative action
