The Senate has issued a 10 day ultimatum to the Nigerian National Petroleum Company Limited NNPCL to respond to the 11 critical financial queries related to discrepancies in its audited financial statements.
The Committee on Public Accounts during a public hearing rejected a written request from the NNPCL asking for a two-month extension to compile responses and documents.
NNCPL failed to show up but rather sent this written letter to the committee.
“A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.
It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents 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 of 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.”
The lawmakers rejected the written letter saying it is not unacceptable that the committee will not tolerate delay tactics in matters concerning public funds.
The alleged figures, comprising ₦103 trillion in “accrued expenses” and another ₦107 trillion listed as “receivables” were uncovered during the committee’s review of NNPCL’s financial records from 2017 to 2023.
At the previous sitting, the committee had raised questions about inconsistencies in NNPCL’s accounts, including a notable case where a subsidiary, National Petroleum Investment Management Services (NAPIMS), reported N9 trillion in profit between 2017 and 2021, while the parent company recorded a loss of N16 billion in the same period.
The Chairman of the Committee Senator Aliyu Wadada warned that should the NNPCL Group Chief Executive Officer fail to answer, the Senate would be compelled to invoke its constitutional oversight powers.
According to him, committee is not expecting any documents from the NNPCL but answers to the 11 key questions.
“Why should a corporate body like the NNPCL request for two months to respond to queries that emanated from their own internal audit? They are given 10 working days, which will be the 10th of July, to provide answers. If by that date they do not respond accordingly, all the powers of the Senate will be invoked to compel appearance.”
The Committee resolved that the Group Chief Executive Officer of NNPCL, Bayo Ojulari must personally appear before the committee at the next session scheduled for 10th of July, 2025.
Representatives from the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were in attendance.
