By Joy Odor
The Senate has given the Nigerian National Petroleum Company Limited (NNPCL) a 10-day ultimatum to appear before its Committee on Public Accounts to address alleged financial discrepancies amounting to over N210 trillion in its audited reports from 2017 to 2023.
The Committee, led by Senator Aliyu Wadada, rejected NNPCL’s request for a two-month extension, citing the company’s failure to provide adequate justification for the delay.
The Committee insists that the hearing is for oral clarification on existing audit records, not for submission of fresh documents.
Senator Wadada emphasized that the Nigerian people deserve answers, stating, “If they fail to show up by July 10, we will invoke our constitutional powers.”
The Committee’s stance is supported by other Senators, who warn that NNPCL’s absence will attract legislative sanctions, including arrest warrants or plenary resolutions recommending punitive action.
The Senate Committee reiterated that NNPCL must appear before it to address these allegations.
Senator Abdul Ningi in his mandated that the Group Chief Executive Officer, Bayo Ojulari, must personally lead the NNPCL delegation at the next hearing.
The Senate’s determination to hold NNPCL accountable for its financial operations marks a significant step towards transparency and good governance.
Recall that NNPCL’s financial reports have raised several red flags, including:
– N103 trillion in accrued expenses
– N103 trillion under receivables figures that were later altered
– Over N600 billion in retention fees, legal charges, and auditing costs without documentation.
