The Senate Committee on Public Accounts has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) after the company failed to appear for a hearing on ₦210 trillion in alleged financial discrepancies.
Despite prior notice, NNPCL skipped Thursday’s session, citing a management retreat and requested a two-month extension, which lawmakers rejected.
Committee Chairman Senator Aliyu Wadada called the delay unacceptable, stating NNPCL was only expected to answer 11 pre-submitted questions, not present documents.
Lawmakers insisted Group CEO Bayo Ojulari must attend the July 10 session in person or face constitutional sanctions.
The Senate flagged ₦103 trillion in unexplained expenses and a similar amount listed as receivables. A revised report submitted just before the hearing further raised concerns about transparency and accountability.
Other senators warned NNPCL against undermining the Senate’s authority. The committee stressed the need for answers on inconsistencies in retention fees, legal costs, and auditing expenses.
The ongoing audit seeks to clarify discrepancies in NNPCL’s financial statements from 2017 to 2023 and ensure public funds are properly accounted for.
