Senate Angry as NNPCL Fails to Honour N210tn Audit Probe

The Nigerian National Petroleum Company Limited on Thursday failed to appear before the Senate Committee on Public Accounts, which is investigating alleged financial discrepancies exceeding N210 trillion in its audited accounts between 2017 and 2023.

Despite being formally summoned, neither NNPCL officials nor its external auditors attended the hearing.

Meanwhile, representatives from the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission, and the Department of State Services were present.

In response to NNPCL’s absence, the committee issued a 10-day ultimatum, demanding the company’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, was read at the session.

It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.

The letter partly read, “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.

“Furthermore, members of the board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session of Thursday, 26th June 2025.

“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”

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But the lawmakers rejected the request.

The committee chairman, Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.

“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 show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” Wadada stated.

Other lawmakers echoed similar frustrations.

Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.

Ojulari took over from Mele Kyari on April 2, 2025.

Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.

Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate.

“If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog,” he said.

Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.

The Senate flagged ₦103tn in accrued expenses, including N600bn in retention fees, legal, and auditing costs—without supporting documentation.

Also questioned was another N103tn listed under receivables.

Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.

The committee demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.