The Nigerian Senate has given the Nigerian National Petroleum Company Limited (NNPCL) a fresh 10-day deadline to respond to 11 critical financial queries concerning over ₦210 trillion in discrepancies uncovered in its audited financial statements spanning 2017 to 2023.
This ultimatum came on Wednesday during the resumed session of the Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada (SDP, Nasarawa West), who vehemently rejected NNPCL’s request for an additional two months to provide answers.
Wadada, visibly upset by the request, described it as “nonsense,” accusing the state oil firm of attempting to frustrate legislative oversight and delay accountability.
He warned that failure to respond by July 10 would lead the Senate to invoke its full constitutional powers to compel compliance.
“This committee will not tolerate delay tactics in matters concerning public funds,” he declared. “We asked 11 questions based on their own audited financial report. Why should it take two months to answer what emanated from their own books?”
The controversy centers around ₦103 trillion recorded as “accrued expenses” and another ₦107 trillion listed as “receivables” in NNPCL’s audited financial statements.
The committee expressed alarm over the absence of detailed explanations for these sums, which include legal, audit, and retention fees with no linked contracts or service breakdowns.
A notable inconsistency was also flagged in the accounts of a subsidiary, National Petroleum Investment Management Services (NAPIMS), which declared ₦9 trillion in profit from 2017 to 2021, while the parent company reported a ₦16 billion loss in the same period.
The Senate also dismissed fresh documents presented by the NNPCL during the session, saying the content contradicted figures already signed off in the audited reports.
Wadada questioned how a document with conflicting items could surface after the audited statements had already been made public and used for potential market activities like an IPO.
“This is ridiculous and unacceptable. These are not minor errors. We are talking about over ₦210 trillion. This is public money, and we are determined to get answers,” he stated.
In attendance at the session were representatives from the Economic and Financial Crimes Commission (EFCC), Nigeria Financial Intelligence Unit (NFIU), and Department of State Services (DSS), among others.
The committee resolved that NNPCL Group Chief Executive Officer, Bayo Ojulari, must personally appear before the panel at the next hearing.
Senator Wadada emphasized the broader implications, noting that President Bola Tinubu’s administration needs transparent financial management to fulfill its Renewed Hope Agenda.
“How can such mind-boggling figures be overlooked in a time the government is struggling to raise funds?” he asked. “If reconciliation wasn’t done, why were the reports signed and circulated?”
He concluded by assuring Nigerians that the Senate would not allow the matter to be swept under the carpet.
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