The Nigerian Senate has intensified its scrutiny of the Nigerian National Petroleum Company Limited (NNPCL), issuing a 10-working-day deadline for the company to account for financial discrepancies amounting to ₦210 trillion in its audited records.
The ultimatum was delivered by the Senate Public Accounts Committee, chaired by Senator Aliyu Wadada, during a high-tension session probing NNPCL’s financial reports covering 2017 to 2023.
According to the committee, the figures under question include ₦103 trillion recorded as “accrued expenses” and another ₦107 trillion labelled as “receivables.” The committee also flagged a further ₦600 billion in retention fees for which no documentation was provided.
“These records raise grave concerns about accountability and financial management,” Senator Wadada stated. “The contradictions between the audited statements submitted by NNPCL and its fresh responses are not only baffling , they are a clear affront to the committee’s intelligence.”
One of the most striking discrepancies highlighted was the gulf between profits reported by the National Petroleum Investment Management Services (NAPIMS), ₦9 trillion between 2017 and 2021, and NNPCL’s reported loss of ₦16 billion in the same period.
Tensions escalated after NNPCL sought a two-month extension to respond to the Senate’s 11-point demand, citing the unavailability of key executives currently abroad. Senator Wadada rejected the request outright, calling it “nonsense,” and reaffirmed that July 10 remains the firm deadline for compliance.
Beneath the surface, political developments may complicate the probe. Senator Wadada is reportedly preparing to decamp from the opposition Social Democratic Party (SDP) to the ruling All Progressives Congress (APC) , a move that would, by Senate convention, require him to relinquish his committee chairmanship. Such a shift could effectively stall or derail the investigation.
“There’s no place for financial secrecy in a nation governed by President Bola Tinubu under the Renewed Hope Agenda,” Wadada said, noting the audit’s significance for investor trust and Nigeria’s global reputation.
The Senate has summoned NNPCL Group Chief Executive Officer, Mr Bayo Ojulari, to appear before the committee in person, with July 10 set as the next key hearing date. However, with political uncertainty looming, observers are increasingly concerned the investigation may lose momentum before yielding tangible results.
Whether the Senate will press ahead