Senate issue 10-Day Ultimatum to NNPC Over ₦210 Trillion Audit Scandal

The Nigerian Senate Committee on Public Accounts has issued a stern 10-working-day ultimatum to the Nigerian National Petroleum Company Limited (NNPC) to address critical financial discrepancies totaling over ₦210 trillion in its audited financial statements from 2017 to 2023.

The directive, announced during a heated session on June 26, 2025, underscores growing concerns over transparency in Nigeria’s oil sector, a cornerstone of the nation’s economy.

The committee, chaired by Senator Aliyu Wadada, rejected a request from NNPC for a two-month extension to respond to 11 audit queries, labeling it “unacceptable” and “suspicious.”

The discrepancies, described as “mind-boggling” by lawmakers, include ₦103 trillion in accrued expenses—covering retention fees, legal fees, and auditors’ fees—lacking proper documentation or contract references, and another ₦107 trillion listed as receivables.

A notable inconsistency involves NNPC’s subsidiary, National Petroleum Investment Management Services (NAPIMS), which reported a ₦9 trillion profit between 2017 and 2021, while NNPC as a whole recorded a ₦16 billion loss over the same period.

The ultimatum was issued to NNPC’s Group Chief Executive Officer, Bayo Ojulari, who assumed the role on April 2, 2025, succeeding Mele Kyari.

The committee demanded that Ojulari personally lead the company’s delegation at the next hearing on July 10, 2025, warning that failure to comply could result in severe constitutional consequences, including potential legislative sanctions or a warrant of arrest.

“This committee will not tolerate delay tactics in matters concerning public funds,” Wadada declared, emphasizing the need for accountability under President Bola Tinubu’s Renewed Hope Agenda, which prioritizes fiscal transparency.

The Senate’s probe, launched on June 19, 2025, intensified after NNPC submitted a last-minute document before the June 26 session that contradicted its previously audited financial statements.

Senator Wadada criticized this move, stating, “This we found very ridiculous, very unacceptable. The Nigerian public is watching and expecting answers from us.”

The absence of NNPC’s external auditors at the hearing further fueled suspicions about the integrity of the company’s audit process.

Representatives from the Economic and Financial Crimes Commission (EFCC), the Nigerian Financial Intelligence Unit (NFIU), and the Department of State Services (DSS) were present, signaling a robust oversight effort.

The investigation has sparked public and political discourse, with some analysts suggesting the discrepancies could undermine investor confidence, especially as NNPC prepares for a potential Initial Public Offering (IPO).

“How do you proceed to finalize audited accounts while still reconciling such massive figures?” Wadada questioned, highlighting the global implications for Nigeria’s financial credibility.

NNPC, in a statement on June 27, 2025, claimed the scrutiny was part of a “coordinated sabotage campaign” by internal and external actors aiming to discredit its leadership and derail ongoing reforms.

The company, which transitioned to a limited liability entity under the Petroleum Industry Act in 2021, has been undergoing significant changes, including efforts to boost transparency and profitability.

However, critics, including Senator Victor Umeh, warned NNPC against undermining the Senate’s authority, stating, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”

As the July 10 deadline approaches, the outcome of this probe is expected to have far-reaching implications for financial accountability in Nigeria’s oil sector. The Senate has vowed to ensure the matter is not swept under the rug, with Wadada asserting, “The Nigerian people deserve to know the truth behind these figures.”

The public awaits NNPC’s response, as the nation grapples with broader economic challenges and the government’s push for increased revenue generation to fund critical initiatives.


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