Business
Senate kicks as NNPCL shuns ₦210tn audit probe
The Nigerian National Petroleum Company Limited (NNPCL) on Thursday failed to appear before the Senate Committee on Public Accounts, which is probing alleged financial discrepancies amounting to over ₦210 trillion in the company’s audited reports between 2017 and 2023.
Despite being formally summoned, no representatives from NNPCL or its external auditors attended the hearing.
In contrast, officials 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 present.
Angered by NNPCL’s absence, the Senate panel issued a 10-day ultimatum, directing the company’s top executives to appear before it on or before July 10, or risk facing constitutional sanctions.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25 and read during the session, cited an ongoing management retreat and requested a two-month extension to gather necessary documentation.
“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 of Thursday, 26th June 2025,” the letter read in part.
However, the committee flatly rejected the request.
Chairman of the Senate Public Accounts Committee, Senator Aliyu Wadada, said the company was not being asked to submit new documents but to provide verbal explanations to 11 specific questions already sent ahead of the hearing.
“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 said.
Other lawmakers echoed similar frustrations over the company’s non-appearance.
Senator Abdul Ningi (Bauchi Central) demanded that the Group Chief Executive Officer, Bayo Ojulari—who took over from Mele Kyari on April 2—must personally lead the delegation at the next hearing.
Senator Onyekachi Nwebonyi (Ebonyi North) described the two-month request as a red flag, suggesting that the company had no credible explanation for the flagged irregularities. However, he said the committee would reconvene on July 10 to grant NNPCL a fair hearing.
Senator Victor Umeh (Anambra Central) cautioned that the company’s continued absence could be seen as an attempt to undermine the authority of the National Assembly.
“If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog,” Umeh warned.
Last week, the same panel grilled NNPCL’s CFO, Dapo Segun, and other senior executives over what lawmakers described as “mind-boggling” inconsistencies in the company’s financial statements.
The committee flagged ₦103 trillion in accrued expenses, including ₦600 billion for retention fees, legal services, and auditing—none of which were backed by supporting documents.
Another ₦103 trillion was listed under receivables, raising further concerns. Lawmakers said NNPCL had submitted a revised financial report shortly before the hearing, which contradicted earlier figures, triggering suspicions of financial manipulation.
The Senate panel demanded detailed responses to 11 specific questions and reiterated that failure to comply would result in legislative action, including possible sanctions under the powers vested in the National Assembly.