By Omoniyi David
The Nigerian National Petroleum Company Limited (NNPCL), on Thursday failed to appear before the Senate Committee on Public Accounts, which is investigating alleged financial discrepancies totaling over ₦210 trillion in the company’s audited reports from 2017 to 2023.
Despite being formally summoned, no NNPCL officials or external auditors attended the session. However, representatives from the EFCC, ICPC, and DSS were present.
In response, the committee issued a 10-day ultimatum, demanding that NNPCL’s top executives appear before the panel by July 10 or face constitutional sanctions.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, cited an ongoing management retreat and requested a two-month extension to collate necessary documentation and prepare responses.
The letter stated, in part, “Members of the board and senior management team are currently out of office… making it difficult to attend the session.”
Lawmakers, however, rejected the request.
Committee Chairman, Senator Aliyu Wadada, stated that NNPCL was not expected to submit documents but to provide verbal responses to 11 previously sent audit queries.
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable. If they fail to appear by July 10, we will invoke our constitutional powers,” Wadada said.
Senator Abdul Ningi (Bauchi Central), insisted that Group CEO Bayo Ojulari, who succeeded Mele Kyari in April – must personally lead the delegation.
Senator Onyekachi Nwebonyi (Ebonyi North), said the two-month request suggested the company lacked answers, but confirmed the committee would reconvene on July 10.
Senator Victor Umeh (Anambra Central), warned that failure to comply would prove the Senate is not a “toothless bulldog.”
Last week, the panel grilled NNPCL executives over what it described as “mind-boggling” financial irregularities.
These included ₦103 trillion in accrued expenses, ₦600 billion in retention fees and legal costs without supporting documentation, and another ₦103 trillion listed under receivables.
The committee also flagged inconsistencies between a revised report submitted by NNPCL and previously published financial statements.
Lawmakers reiterated that detailed answers to the 11 audit queries must be provided or legislative consequences will follow.
