Senate Blasts NNPCL for Ignoring ₦210tn Audit Probe

The Nigerian National Petroleum Company Limited (NNPCL) has come under fire from the Senate after failing to appear before the Senate Committee on Public Accounts, which is investigating financial discrepancies reportedly amounting to over ₦210 trillion in the company’s audited accounts from 2017 to 2023.

Despite a formal invitation, neither officials from NNPCL nor their external auditors attended Thursday’s scheduled hearing. However, representatives from the EFCC, ICPC, and DSS were present.

In response, the committee issued a 10-day ultimatum, directing NNPCL’s top management to appear before the panel by July 10, or risk constitutional sanctions.

A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read aloud at the session. It cited an ongoing management retreat and requested a two-month postponement to gather relevant documents and prepare a response.

The letter stated:
“Members of the board and senior management are currently out of the office for a retreat, making it difficult to attend the June 26 rescheduled session. We request a two-month extension to adequately prepare the information required.”

The committee rejected the request, asserting that the company was only expected to respond verbally to 11 specific questions, not submit documents.

Committee Chairman, Senator Aliyu Wadada, described NNPCL’s plea as unacceptable:
“For an institution like NNPCL to request two months to respond to queries from its own audited reports is indefensible. If they fail to show up by July 10, we will exercise our constitutional authority. Nigerians deserve transparency.”

Other senators echoed the sentiment.

Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must lead the delegation in person. Ojulari assumed office on April 2, 2025, following the exit of Mele Kyari.

Senator Onyekachi Nwebonyi (Ebonyi North) argued that the extension request suggested the company had no answers to give, though the committee would still grant a fair hearing.

Senator Victor Umeh (Anambra Central) warned NNPCL against undermining the oversight role of the Senate, saying:
“If they fail to appear again, Nigerians will see that the Senate is not a toothless bulldog.”

The committee had previously grilled NNPCL executives over alarming discrepancies in the company’s books. These included ₦103 trillion in accrued expenses — such as ₦600 billion in legal and auditing fees — with no supporting documentation, as well as another ₦103 trillion listed under receivables.

Just before last week’s hearing, NNPCL submitted a revised financial statement contradicting its original figures, further deepening lawmakers’ concerns.

The committee concluded that NNPCL must provide full, transparent responses to 11 specific questions or risk legislative action.