The Nigerian National Petroleum Company Limited (NNPCL) has been given a 10-day deadline by the Senate Committee on Public Accounts to provide detailed explanations regarding ₦200 trillion in financial discrepancies flagged in its audited accounts.
The ultimatum was issued after NNPCL, led by Group CEO Bayo Ojulari, requested a two-month grace period to respond—an extension the committee rejected outright.
Senator Aliyu Wadada, who chairs the committee, criticized the company’s attempt to delay accountability and emphasized the Senate’s resolve to uphold transparency in managing public resources.
The committee cited multiple concerns, including undocumented receivables and opaque legal and auditing expenditures recorded between 2017 and 2023. Wadada stressed that the Senate would consider any further attempts to delay compliance as contemptuous and warned of possible constitutional actions.
“We will not allow public funds to be mismanaged without consequences,” Wadada declared during the session.
Compounding the committee’s concerns was the absence of NNPCL’s external auditors, who were expected to provide independent insight into the financial statements.
The hearing was attended by high-level officials from anti-corruption and intelligence agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigeria Financial Intelligence Unit (NFIU), and the Department of State Services (DSS), further underscoring the gravity of the probe.
The committee reiterated its commitment to financial accountability and warned that NNPCL must respond by the July 10 deadline or face significant legislative repercussions.
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