The Nigerian Senate has expressed strong displeasure over the repeated failure of the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, to appear before the Senate Committee on Public Accounts.
The committee is probing massive financial discrepancies totalling ₦210 trillion discovered in the company’s audited accounts from 2017 to 2023.
At the latest hearing held on Thursday, Ojulari failed to honour the Senate’s summons, sending company representatives instead. The committee, chaired by Senator Aliyu Wadada, declined to entertain the delegates, stating that only the GCEO himself could respond to the critical audit queries.
Senator Wadada described Ojulari’s absence as a direct affront to the authority of the National Assembly and a breach of its constitutional oversight mandate. He emphasised that the Senate would not tolerate further disregard and vowed to issue a fresh date, warning that Ojulari must appear in person or face potential legislative sanctions.
The financial issues under scrutiny include ₦103 trillion listed as accrued expenses and another ₦107 trillion marked as receivables, both reportedly lacking proper documentation or legal contracts.
In addition, the committee flagged over ₦600 billion in retention fees and significant legal and audit expenses that had no accompanying justification.
Lawmakers were further alarmed by the submission of revised figures from the NNPCL just before the hearing figures that contradicted previously submitted audited statements. The committee said the contradictions raised questions about the accuracy and credibility of the company’s financial reporting.
Beyond the missing trillions, the Senate is also concerned about what it sees as a pattern of institutional opacity within the NNPCL. With public trust in state-owned enterprises already low, the committee warned that such conduct only fuels greater suspicion and undermines confidence in the oil sector.
The CFO of NNPCL, Dapo Segun, who appeared in place of Ojulari, explained that the company’s top management was attending a retreat. However, this explanation did little to assuage the senators, who maintained that accountability cannot be delegated in such a high-stakes matter.
In response, the Senate Committee on Public Accounts announced that it will reschedule the hearing and that failure by Ojulari to appear next time could trigger more serious consequences, including the invocation of constitutional powers to compel attendance.
This confrontation marks a significant flashpoint in the federal government’s ongoing efforts to improve transparency and accountability in Nigeria’s oil and gas sector. With ₦210 trillion in question an amount far exceeding the country’s annual budget the coming weeks will be critical in determining whether NNPCL can provide a credible defence or face deeper political and legal fallout.
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