The Nigerian National Petroleum Company Limited (NNPCL) on Thursday failed to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over N210tn in its audited reports from 2017 to 2023.
Despite being summoned by the Senate, no representative or external auditors from NNPCL appeared.
However, members from 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 in attendance.
In reaction to NNPCL’s absence, the committee issued a 10-day ultimatum, ordering the company’s top officials to come before the panel by July 10 or face constitutional fines.
A letter from Dapo Segun, NNPCL’s Chief Financial Officer, dated June 25, was read during the session.
It cited an ongoing management retreat and requested a two-month extension to submit the required documentation 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 on 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.”
However, the lawmakers rejected the request.
The committee chairman, Aliyu Wadada, stated that 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.
Senator Abdul Ningi (Bauchi Central) asked that Bayo Ojulari, NNPCL’s Group CEO, personally lead the group to the next session.
Ojulari took over for Mele Kyari on April 2, 2025.
Senator Onyekachi Nwebonyi (Ebonyi North) stated that the two-month request suggested the corporation had no answers, but the committee would still hold a fair hearing by reconvening on July 10.
Senator Victor Umeh (Anambra Central) advised 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 Monday, the Senate panel questioned Segun and other top executives about “mind-boggling” discrepancies in NNPCL’s financial records.
The Senate identified ₦103 trillion in incurred expenses, including ₦600 billion in retention fees, legal, and auditing costs, without supporting documents.
Another N103tn labelled as receivables was also called into question.
Just before the hearing, NNPCL presented a revised report that contradicted the previously released statistics, generating more concerns.
The committee wanted thorough responses to 11 specific questions, warning that failing to comply could result in legislative consequences.
