Senate gives NNPC 10 days to account for N210tr that vanished in Joint Venture transactions
By Jeph Ajobaju, Chief Copy Editor
Bayo Ojulari, the new Nigerian National Petroleum Company Limited (NNPC) Group Chief Executive Officer (CEO), and his management team have been given 10 days by the Senate to respond to 11 queries over the N210 trillion missing in the company’s audited financial accounts between 2017 and 2023 when Mele Kyari was at the helm.
The Senate Public Accounts Committee, chaired by Aliyu Wadada, on Thursday warned that failure to comply with the directive could attract serious constitutional consequences.
The committee had last week expressed displeasure over “mind-boggling and unacceptable financial irregularities” uncovered in the books of the NNPC, including over N200 trillion in unexplained receivables and undocumented legal and audit fees spanning 2017 to 2023.
It summoned NNPC officials to appear before it on June 26, but none showed up.
The new deadline, which elapses on July 10, came after NNPC on Thursday formally requested a two-month extension to respond to the queries, a request the committee flatly turned down.
“It is unacceptable. We have given them 10 working days. This committee will not tolerate delay tactics in matters concerning public funds,” Wadada said.
He warned that if Olulari fails to respond, the Senate would be compelled to invoke its constitutional oversight powers.
“Any attempt to disregard this committee’s directive will amount to contempt of the Senate. We are here to protect public funds, and we will not be deterred.”
Ojulari and other management staff failed to appear before the Senate probe panel on Thursday, but representatives from the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and Department of State Services (DSS) were present.
A letter from NNPC Chief Financial Officer Dapo Segun, dated June 25, was read out at the session, citing ongoing management retreat, and requested a two-month extension to prepare documents and responses.
“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,” the letter said.
“Furthermore, 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.
“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 lawmakers rejected the request, with Wadada stressing that NNPC is not expected to submit documents but rather provide verbal responses to 11 key questions previously sent.
His words: “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 echoed the frustration.
Abdul Ningi (Bauchi Central) insisted that Ojulari – who replaced Kyari on 2 April 2025 – must personally lead the delegation at the next hearing.
Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the NNPC has no answers, but the committee would still grant a fair hearing by reconvening on July 10.
Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate.
“If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog,” he said.
The Senate committee had grilled Segun and other top executives over “mind-boggling” irregularities in the financial statements of the NNPC.
It flagged N103 trillion in accrued expenses, including N600 billion in retention fees, legal, and auditing costs which had no supporting documentation.
Another N103 trillion listed under receivables was also questioned.
Before the hearing, the NNPC submitted a revised report contradicting the previously published figures, raising more concerns.
The committee demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.
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