 |
| Nigerian National Petroleum Company Limited |
Firstsitenews-The Senate Committee on Public Accounts expressed outrage on Thursday after the Nigerian National Petroleum Company Limited (NNPCL) failed to appear before it over alleged discrepancies totaling more than ₦210 trillion in its audited financial reports from 2017 to 2023.
Despite being formally invited, neither NNPCL officials nor their external auditors attended the session. However, 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) were present.
Angered by the no-show, the committee issued a 10-day ultimatum, mandating NNPCL executives to appear by July 10 or risk facing constitutional sanctions.
The committee chairman, Senator Aliyu Wadada, read a letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25. In it, the company cited a management retreat and requested a two-month extension to prepare documentation.
The letter stated in part:
“Having carefully reviewed your request, we kindly ask for a two-month rescheduling to enable us to collate the required information. Currently, our board members and senior management are away on a retreat, making attendance at the June 26 session impossible. We appreciate the opportunity and remain committed to the success of this exercise.”
The Senate panel rejected the request outright.
Senator Wadada emphasized that NNPCL was not being asked to present documents at the session but to answer 11 key questions based on their own audited reports.
“It is completely unacceptable for an institution like NNPCL to seek two months to respond to questions drawn from its own financial statements. If they fail to appear by July 10, we will exercise our full constitutional authority. Nigerians deserve answers,” he said.
Other lawmakers expressed similar dissatisfaction.
Senator Abdul Ningi (Bauchi Central) insisted that the Group CEO of NNPCL, Bayo Ojulari who succeeded Mele Kyari on April 2 must personally lead the delegation at the next hearing.
Senator Onyekachi Nwebonyi (Ebonyi North) interpreted the two-month delay as an indication the company lacked answers, but maintained the committee would offer a fair hearing on July 10.
Senator Victor Umeh (Anambra Central) cautioned NNPCL against disregarding the authority of the Senate.
“If they fail to appear again, Nigerians will see that the Senate is not a toothless bulldog,” he warned.
Last week, the Senate grilled Segun and other top NNPCL officials over what it described as alarming irregularities in the company’s financial records.
The panel highlighted ₦103 trillion in unexplained accrued expenses, including ₦600 billion allocated to retention fees, legal services, and audit costs without any supporting documentation.
A separate ₦103 trillion listed as receivables was also flagged. Just before the last hearing, NNPCL submitted a revised report that contradicted previously published figures, further deepening concerns.
The committee has demanded comprehensive answers to 11 specific audit-related questions and warned of serious legislative repercussions if NNPCL fails to comply.
Post a Comment