The Nigerian Senate Committee on Public Accounts has expressed deep frustration over the absence of the Nigerian National Petroleum Company Limited (NNPCL) at a crucial hearing probing financial discrepancies totalling over ₦210 trillion in its audited reports between 2017 and 2023.
Despite receiving official summons, no representative from NNPCL nor its external auditors appeared before the committee during Thursday’s session. This absence was in stark contrast to the presence of officials from the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Department of State Services (DSS), all of whom were in attendance.
The committee, chaired by Senator Aliyu Wadada, subsequently issued a 10-day ultimatum, demanding the appearance of NNPCL’s executive leadership by July 10, 2025, or risk facing constitutional sanctions.
NNPCL Requests Two-Month Extension—Senate Rejects
In a letter read aloud during the hearing, NNPCL Chief Financial Officer, Dapo Segun, cited an ongoing management retreat and requested a two-month postponement to gather and prepare relevant documents.
“Members of the board and senior management team of NNPCL are currently out of the office for a retreat,” the letter read.
“We respectfully request that the session be rescheduled two months from now to allow us time to compile the requested information and documentation.”
But the Senate committee firmly rejected the request, clarifying that the NNPCL was not expected to present new documentation but to respond to 11 specific questions previously submitted to the company—questions derived from its own audited reports.
“For an institution like NNPCL to seek two months to answer questions from its own records is unacceptable,” Senator Wadada stated.
“If they fail to appear by July 10, we will invoke our constitutional powers. The Nigerian public deserves transparency and accountability.”
Senators Demand CEO’s Presence
Other members of the committee echoed similar sentiments. Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, who assumed office on April 2, 2025, must personally lead the delegation to the next hearing.
Senator Onyekachi Nwebonyi (Ebonyi North) questioned the sincerity of the company’s request, suggesting the delay may be an attempt to avoid scrutiny. Nonetheless, he affirmed the Senate’s commitment to a fair hearing, confirming the July 10 resumption date.
Senator Victor Umeh (Anambra Central) issued a stern warning:
“If they fail to appear again, the Nigerian people will understand that the Senate is not a toothless bulldog. We will act.”
Audit Trail Raises Alarm
The Senate is investigating discrepancies including ₦103 trillion in accrued expenses, among them ₦600 billion in retention fees, legal fees, and audit costs—none of which were supported with documentation. An additional ₦103 trillion in questionable receivables was also flagged.
In a development that heightened concerns, NNPCL submitted a revised financial report shortly before the hearing, presenting figures that contradicted previous submissions.
Lawmakers are demanding clarity on these anomalies and accountability for public resources.
“This is not just about numbers—it’s about restoring confidence in public institutions,” Senator Wadada said.
The Senate reiterated its commitment to transparency and vowed to pursue the matter to its conclusion if NNPCL fails to comply.
