The Nigerian National Petroleum Company Limited (NNPCL) has come under intense fire from the Senate after it failed to appear before the Senate Committee on Public Accounts investigating alleged financial discrepancies totalling over ₦210 trillion in the company’s audited financial statements from 2017 to 2023.
Despite being summoned, NNPCL officials and its external auditors were conspicuously absent from Thursday’s public hearing at the National Assembly. Meanwhile, representatives from key anti-corruption agencies the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Department of State Services (DSS) were present.
In response, the Senate committee issued a 10-day ultimatum, mandating NNPCL’s top leadership to appear before the panel by July 10 or risk facing constitutional sanctions.
A letter sent by NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read during the session. The letter cited an ongoing management retreat and requested a two-month extension.
“Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation,” the letter read in part.
“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 on Thursday, 26th June, 2025… We reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”
However, the committee roundly rejected the request.
Committee Chairman, Senator Aliyu Wadada, criticized the excuse and emphasized that NNPCL was not being asked to submit documents, but rather to respond to 11 specific audit queries based on their own financial records.
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada said. “If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers.”
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Senator Abdul Ningi (Bauchi Central) demanded that NNPCL’s new Group CEO, Bayo Ojulari, who succeeded Mele Kyari in April, must personally lead the delegation.
Senator Onyekachi Nwebonyi (Ebonyi North) remarked that the company’s delay tactics suggested it had “no answers,” but insisted the committee would still offer a fair hearing on July 10.
Senator Victor Umeh (Anambra Central) warned the NNPCL against disrespecting the legislature. “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog,” he said.
Last week, the Senate panel grilled NNPCL’s top executives over what it described as “mind-boggling” anomalies in its audited reports. Lawmakers flagged ₦103 trillion in unexplained accrued expenses, including ₦600 billion in retention fees, legal and auditing costs, all lacking supporting documents. Another ₦103 trillion under receivables was also questioned after NNPCL submitted a revised report that contradicted earlier figures.
The Senate committee maintains it will not relent until it receives detailed and credible answers to the 11 queries sent to the NNPCL.
Failure to comply by the July 10 deadline, the committee warned, would trigger legislative action against the state oil giant.