The Senate Committee on Public Accounts has given the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bashiru Bayo Ojulari, ten working days to personally appear and explain audit discrepancies amounting to ₦210 trillion.
At Thursday’s session, the committee, chaired by Senator Aliyu Wadada, expressed outrage over NNPCL’s failure to attend a scheduled hearing. Instead of showing up, the company sent a letter requesting a two-month extension, citing a management retreat and document collation delays.
Senator Wadada read the letter aloud and rejected the excuse as inadequate and disrespectful. The committee fixed a new date for the hearing—Thursday, July 10, 2025—and warned of legal consequences if the GCEO fails to attend.
“This committee will not tolerate further delays. The audit discrepancies—now public—demand immediate answers,” Wadada said. “Claiming senior executives are unavailable and asking for more time disrespects this institution and the Nigerian people. We expect the GCEO to appear in person.”
Wadada threatened to issue a warrant of arrest if the GCEO fails to comply. He emphasized that the Senate would use its full constitutional powers to enforce accountability.
Officials from anti-graft and security agencies—including the EFCC, ICPC, NFIU, and DSS—attended the hearing, underscoring the gravity of the investigation.
Senate Probes NNPCL’s ₦210 Trillion Audit Gaps
The Senate launched the probe after uncovering massive discrepancies in NNPCL’s audited financial statements for 2017–2023. The records showed ₦103 trillion listed as accrued expenses and ₦107 trillion as receivables.
Senator Wadada questioned the credibility of the reports. “If NNPCL hadn’t completed reconciliation, why did they approve the audited statements? Especially as the company plans an IPO?”
NNPCL’s Chief Financial Officer, Adedapo Segun, earlier explained that the ₦107 trillion figure represents unpaid Joint Venture cash calls and reimbursements yet to be reconciled. He insisted both figures would cancel each other after full reconciliation.
Despite that defense, the Senate demanded a formal written response to its 11 audit queries—initially due Thursday.
Wadada declared that the Senate would accept only the figures presented in the audited statements. “Any post-submission clarification is irrelevant. The numbers we are investigating are already official and public.”
He warned that continued noncompliance would be treated as contempt of the Senate and would trigger full legislative enforcement, including the issuance of an arrest order.
