The Nigerian National Petroleum Company (NNPCL) is again in the eye of the storm as the Senate has threatened sanctions against it over alleged ₦200 trillion discrepancies in the company’s audited financial statements.
Towards this end, the Senate Committee on Public Accounts has issued a 10-day ultimatum to its Group Chief Executive Officer (GCEO), Mr. Bayo Ojulari, to respond to 11 financial queries bordering on allege discrepancies.
Chairman of the Committee, Senator Aliyu Wadada, issued the directive during a session held at the National Assembly Complex, Abuja, warning that failure to comply would attract constitutional sanctions.
The lawmaker described the alleged irregularities in the NNPCL financial books as “mind-boggling and unacceptable.”
He noted that over ₦200 trillion in unexplained receivables and undocumented legal and audit fees between 2017 to 2023 had been uncovered.
Ojulari, in a letter to the committee, had sought a two-month extension to enable the company respond to the queries, but the committee rejected the request and insisted on a 10-working-day deadline which will expire on July 10.
“It is unacceptable,” Wadada said, adding: “We have given them 10 working days. This committee will not tolerate delay tactics in matters concerning public funds.”
He warned that any attempt by the NNPCL GCEO to ignore the directive would be considered as contempt of the Senate.
“Any attempt to disregard this committee’s directive will amount to contempt of the Senate. We are here to protect public funds, and we will not be deterred,” he stated.
Senator Wadada also frowned at the absence of the NNPCL external auditors at the session, stressing the need for transparency and accountability in the management of public resources.
The hearing was attended by representatives of the Economic and Financial Crimes Commission (EFCC), the Nigeria Financial Intelligence Unit (NFIU), the Department of State Services (DSS) and other stakeholders, who served as witnesses.
