Senate has slapped NNPCL with 10-day ultimatum over ₦210 trillion discrepancies and rejected two-month extension plea.
NaijaOnPoint Nigeria reports that the Senate’s Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) just 10 working days to answer 11 pointed queries on staggering financial discrepancies totalling over ₦210 trillion and flatly refused the company’s plea for a two-month extension.
This Nigeria news platform understands that Senator Aliyu Wadada (SDP–Nasarawa West), chairman of the committee, opened yesterday’s resumed hearing by denouncing NNPCL’s figures as “mind-boggling and unacceptable.” Among the disputed entries are ₦103 trillion in “accrued expenses” and another ₦107 trillion listed as “receivables” in the company’s audited accounts covering 2017–2023.
“This committee will not tolerate delay tactics in matters concerning public funds,” Senator Wadada warned. “They are given until July 10 to provide clear answers—or face the full force of the Senate’s constitutional oversight powers.”
NNPCL had formally requested more time to compile its response and supporting documents, but the panel, backed by representatives from the EFCC, NFIU, and DSS, unanimously rejected the two-month reprieve as “nonsense.”
During the hearing, the committee highlighted troubling inconsistencies, including a subsidiary—NAPIMS—reporting ₦9 trillion in profits from 2017 to 2021, while the parent company posted a ₦16 billion loss in the same period.
Senator Wadada also exposed a last-minute “contradictory document” submitted by NNPCL, which further undermined confidence in the audited statements.
“Why should a corporate body need two months to respond to questions that sprang from its own audit?” the senator scolded. “We expect answers, not paperwork.”
The committee has summoned NNPCL Group CEO Bayo Ojulari to appear in person at the next session on July 10. Failure to comply, the senators cautioned, will be treated as contempt of the Senate and could trigger coercive measures.
As Nigeria prepares for an initial public offering of NNPCL shares, this ultimatum raises fresh concerns about the transparency and accuracy of the petroleum giant’s financials—and the risks facing investors and the national treasury alike.