By Fredrick Ameh
Nigeria’s Senate has escalated its oversight of the Nigerian National Petroleum Company Limited, setting a two-week deadline for top officials past and present to appear before its Public Accounts Committee over alleged ₦210 trillion discrepancies in the company’s audited financial statements.
The committee, chaired by Senator Aliyu Wadada, halted proceedings after rejecting representation by a lower-ranking official in place of the Group Chief Executive Officer, Bashir Bayo Ojulari, and the Chief Financial Officer.
Lawmakers insisted on their physical presence, citing the scale and sensitivity of the issues raised in the 2017–2023 audit review.
A letter from NNPCL had attributed management’s absence to official engagements abroad and nominated a Financial Controller to stand in.
The committee faulted the timing of the communication and declined to proceed, stressing that due process must be observed in engagements with the legislature.
Lawmakers warned that continued non-compliance could trigger constitutional measures, including compelling attendance.
Senator Adams Oshiomhole described the absence as unacceptable, while Senator Victor Umeh pressed for clear explanations to reassure the public.
At the heart of the inquiry are two major line items flagged by the committee: about ₦103 trillion recorded as accrued expenses without a detailed breakdown, and roughly ₦107 trillion listed as receivables without clear identification of counterparties.
Explanations linking portions of the figures to legacy Joint Venture cash calls were challenged, with lawmakers noting reforms that phased out the arrangement.
Former GCEO Mele Kyari and other ex-officials are expected to join current management at the next hearing, as the Senate seeks a comprehensive reconciliation of the accounts.
The panel says its objective is clarification, not accusation, but maintains that full disclosure is essential to public accountability.
It is scheduled to reconvene within two weeks, with a directive that all relevant officials must appear to address the discrepancies.
