Senate Warns NNPCL of Sanctions over Non-Appearance in ₦210tn Financial Irregularities Probe
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The Nigerian National Petroleum Company Limited (NNPCL) is under growing legislative scrutiny following its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies totalling over ₦210 trillion in its audited financial reports covering 2017 to 2023.
Despite an official summons, no representative from NNPCL—neither internal officials nor external auditors—was present at Thursday’s investigative hearing. The absence was particularly glaring as representatives from the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Department of State Services (DSS) all honoured the Senate invitation.
NNPCL’s Chief Financial Officer, Dapo Segun, in a letter dated June 25 and read at the session, attributed the company’s absence to an ongoing management retreat. The letter requested a two-month extension to enable the oil company to compile the necessary documentation and responses for the inquiry.
“Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for two months from now to enable us to collate the requested information and documentation,” the letter stated, adding that senior management and board members were currently unavailable.
However, members of the Senate panel rejected the request outright. Committee Chairman, Senator Aliyu Wadada, expressed strong dissatisfaction with NNPCL’s conduct, clarifying that the company was not being asked to submit fresh documents but rather to provide verbal clarifications on 11 key audit questions already sent to them.
“For an institution like NNPCL to ask for two months to answer questions from its own audited reports is completely unacceptable,” Wadada said. “We are giving them until July 10 to appear. If they fail again, we will invoke the Senate’s constitutional powers. Nigerians deserve accountability.”
Other lawmakers echoed similar concerns. Senator Abdul Ningi (Bauchi Central) insisted that the newly appointed Group Chief Executive Officer of NNPCL, Bayo Ojulari—who took over from Mele Kyari in April 2025—must personally lead the company’s delegation at the next hearing.
Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month delay request appeared to suggest NNPCL had no immediate answers, but the Senate would still extend a fair hearing by reconvening on July 10.
In a more forceful tone, Senator Victor Umeh (Anambra Central) cautioned NNPCL against undermining the constitutional authority of the National Assembly. “If they fail to appear again, Nigerians will know that the Senate is not a toothless bulldog,” Umeh warned.
The confrontation comes on the heels of last week’s tense session where NNPCL’s top executives were questioned over what senators described as “mind-boggling” gaps and inconsistencies in the company’s financial statements.
Lawmakers are scrutinizing ₦103 trillion in unexplained accrued expenses, including N600 billion allegedly spent on retention fees, legal charges, and audit services—none of which were supported by detailed documentation. Additionally, another ₦103 trillion classified under receivables has raised red flags.
Adding to the controversy, NNPCL submitted a revised report shortly before the previous hearing that contradicted figures in its earlier published audited accounts, fueling further suspicion.
With the July 10 deadline looming, the Senate Committee reaffirmed its resolve to pursue the matter to a logical conclusion, warning that further non-compliance would lead to constitutionally backed sanctions against the state oil company.
