The Nigerian National Petroleum Company Limited (NNPCL) failed to appear before the Senate Committee on Public Accounts on Thursday, despite being summoned to address alleged financial discrepancies amounting to over ₦210 trillion in its audited accounts from 2017 to 2023.
While key representatives from the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Department of State Services (DSS) were present, no NNPCL officials or external auditors showed up.
The committee has now issued a 10-day ultimatum, demanding the appearance of NNPCL's top executives by July 10, 2025, or face constitutional sanctions.
A letter sent by NNPCL’s Chief Financial Officer, Dapo Segun, and read during the session, cited an ongoing management retreat and requested a two-month extension to prepare the required documentation and responses. The committee rejected the request outright.
Committee chairman, Senator Aliyu Wadada, stated that NNPCL was not expected to submit documents at this stage, but rather to respond to 11 specific questions raised from its own audited records.
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada said. “If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers.”
Other lawmakers also expressed displeasure. Senator Abdul Ningi (Bauchi Central) insisted that the Group CEO, Bayo Ojulari, who took office in April 2025, must personally lead the delegation. Senator Onyekachi Nwebonyi (Ebonyi North) suggested the two-month delay indicated the company had no answers. Senator Victor Umeh (Anambra Central) warned that further defiance would portray the Senate as ineffective.
At an earlier session, the Senate panel had grilled NNPCL executives over troubling findings, including ₦103 trillion in unexplained expenses—such as ₦600 billion in retention fees, legal, and auditing costs—and another ₦103 trillion listed as receivables, all without proper documentation.
The situation escalated when NNPCL submitted a revised report contradicting earlier figures, prompting deeper scrutiny. The Senate has demanded detailed answers to 11 critical queries and warned that failure to comply could lead to serious legislative consequences.