The Senate Committee on Public Accounts has expressed strong displeasure over the failure of the Nigerian National Petroleum Company Limited (NNPCL) to appear before it on Thursday to respond to alleged financial discrepancies amounting to over ₦210 trillion in its audited reports from 2017 to 2023.
Despite receiving official invitations, neither NNPCL officials nor its external auditors were present at the session.
However, representatives from the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Department of State Services (DSS) were in attendance.
In response to the absence, the Senate panel issued a 10-day ultimatum, directing NNPCL’s top executives to appear before the committee by July 10, 2025, or face constitutional sanctions.
During the session, a letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read aloud.
In the letter, Segun explained that the company’s senior management was away on a retreat and requested a two-month extension to prepare and submit the required documentation.
He stated that, “having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for two months from now to enable us to collate the requested information and documentation.”
Segun also noted that “members of the board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session of Thursday, 26th June 2025.”
He concluded by reassuring the committee of the company’s commitment, saying, “while appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise.
Please accept the assurances of our highest regards.”
The committee, however, rejected the request. Chairman of the Senate Public Accounts Committee, Senator Aliyu Wadada, emphasized that NNPCL was not expected to submit new documents but rather to provide verbal responses to 11 audit questions that had already been sent to the company.
He said, “for an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable.
If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers.”
Other senators voiced similar frustrations. Senator Abdul Ningi (Bauchi Central) insisted that the Group Chief Executive Officer of NNPCL, Bayo Ojulari—who took office on April 2, 2025—must personally lead the team at the next hearing.
Senator Onyekachi Nwebonyi (Ebonyi North) added that the request for a two-month delay suggested the company might lack clear answers, but noted that the committee would still reconvene on July 10 to allow for a fair hearing.
Senator Victor Umeh (Anambra Central) warned NNPCL not to undermine the authority of the National Assembly, stating, “if they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
Last week, the Senate panel had questioned Segun and other top executives over what it described as “mind-boggling” financial irregularities in NNPCL’s statements.
Lawmakers flagged ₦103 trillion in accrued expenses, including ₦600 billion in legal, auditing, and retention fees—all lacking supporting documentation.
An additional ₦103 trillion listed under receivables was also questioned.
Further compounding the situation, NNPCL submitted a revised report shortly before the Thursday hearing, which contradicted its earlier published figures, raising further concerns.
The Senate committee has demanded detailed responses to 11 specific queries and warned that any further non-compliance could trigger constitutional consequences.