The Nigerian Senate has expressed strong displeasure over the Nigerian National Petroleum Company Limited’s (NNPCL) refusal to appear before its Public Accounts Committee in response to a probe into alleged ₦210 trillion financial irregularities. The committee, led by Senator Aliyu Wadada, investigates questionable entries in NNPCL’s audited financial statements between 2017 and 2023.
In a letter dated June 25, NNPCL’s Chief Financial Officer requested a two-month extension to prepare documentation and attend to a scheduled management retreat. The Senate outrightly rejected this, stressing that top NNPCL executives—including Group CEO Bayo Ojulari—must appear in person within 10 working days or face constitutional sanctions, including contempt charges.
The Senate is particularly concerned about ₦103 trillion categorized as “accrued expenses,” including unverifiable legal and audit fees, and another ₦103 trillion recorded as “receivables.” Lawmakers insist that such enormous sums must be clarified immediately, especially with NNPCL preparing for a public listing that hinges on investor trust and financial transparency.
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