The Senate Committee on Public Accounts has given the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, a strict 10-day deadline to address 11 major financial concerns linked to discrepancies in the company’s audited accounts.
The committee cautioned that failure to respond within the specified timeframe could lead to serious constitutional actions.
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Senator Aliyu Wadada, who chairs the committee, expressed strong disapproval over what he described as shocking financial irregularities in NNPCL’s records.
Among the issues flagged were over M200 trillion in unexplained receivables, along with unrecorded legal and audit expenses covering the period from 2017 to 2023.
The deadline, which expires on July 10, was set after NNPCL requested an additional two months to provide explanations—a request the committee firmly rejected.
“This is unacceptable,” Mr Wadada said.
“We have given them 10 working days to comply. This committee will not entertain any attempts to delay matters that involve public resources.”
He warned that if the NNPCL leadership fails to comply, the Senate would be left with no choice but to exercise its constitutional authority.
“Disregarding this committee’s directive will be seen as contempt of the Senate. Our duty is to safeguard public funds, and we will not be distracted,” he stated.
Mr Wadada also criticised the absence of NNPCL’s external auditors at the hearing, stressing the importance of openness and accountability.
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The session was witnessed by officials from key anti-corruption and intelligence agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigeria Financial Intelligence Unit (NFIU), the Department of State Services (DSS), and other significant stakeholders.
