The Nigerian National Petroleum Company Limited (NNPCL) has come under intense scrutiny following its failure to appear before the Senate Committee on Public Accounts on Thursday. The committee had summoned NNPCL officials to probe alleged financial discrepancies amounting to over N210 trillion in the company’s audited reports spanning 2017 to 2023. Despite being formally invited, no representatives from NNPCL or external auditors showed up for the scheduled session.
The session saw the presence of officials from key institutions, including the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Department of State Services (DSS), all of whom were ready to provide insight. However, NNPCL’s absence raised questions, prompting the committee to issue a stern ultimatum.
Ultimatum Issued to NNPCL
The Senate committee has given NNPCL a 10-day deadline, demanding the company’s executives appear before the panel by July 10, 2025, or face constitutional sanctions. This ultimatum follows a letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, which cited an ongoing management retreat and requested a two-month extension to prepare the necessary documents and responses.
The letter read in part:
“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.”
Segun further explained that members of the board and senior management were currently unavailable due to a retreat, making it impossible for them to attend the June 26 session. Despite this, the committee rejected the request.
Lawmakers’ Frustration Mounts
Committee Chairman, Senator Aliyu Wadada, expressed strong disapproval of NNPCL’s request, stating, “For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable.” Wadada emphasised that the committee had already sent 11 key questions that did not require the submission of documents but rather verbal responses.
Other members of the committee echoed Wadada’s sentiments. Senator Abdul Ningi from Bauchi Central insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation in the next hearing. Ojulari, who succeeded Mele Kyari as CEO on April 2, 2025, has yet to appear before the committee.
Senator Onyekachi Nwebonyi of Ebonyi North noted that the two-month delay implied NNPCL had no answers to the committee’s inquiries, although the Senate would still grant the company a fair hearing. Meanwhile, Senator Victor Umeh from Anambra Central warned NNPCL not to undermine the Senate’s authority, stating, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
Financial Irregularities and Discrepancies in NNPCL’s Reports
The Senate committee has already raised concerns over irregularities in NNPCL’s financial statements. Last week, top NNPCL executives, including Segun, were grilled over what was described as “mind-boggling” discrepancies in the company’s finances. The committee flagged a ₦103 trillion accrued expense, including ₦600 billion in retention fees, legal, and auditing costs, for which no supporting documentation was provided.
In addition, another ₦103 trillion listed under receivables was questioned. Just before the hearing, NNPCL submitted a revised report that contradicted previously published figures, further deepening concerns over the company’s financial transparency.
The Senate’s probe has already demanded detailed answers to 11 specific questions regarding these irregularities. The committee has warned NNPCL that failure to comply by the July 10 deadline could trigger severe legislative consequences.
The Path Forward
The Senate remains resolute in its demand for accountability, insisting that NNPCL’s failure to respond adequately could have significant repercussions. Lawmakers have stressed that this investigation is crucial for upholding public trust and ensuring that NNPCL operates with the utmost transparency.
As the deadline approaches, all eyes will be on NNPCL and its ability to address the mounting questions regarding its financial integrity.