Jane Salihu
The Senate has given the management of the Nigerian National Petroleum Company Limited (NNPCL) until April 29, 2026, to appear before it and account for an alleged unaccounted sum of N210 trillion contained in audit reports covering 2017 to 2023.
The directive was issued on Wednesday by the Senate Committee on Public Accounts, which insisted that the company must provide detailed explanations regarding the funds flagged in the reports.
The committee specifically directed the Group Chief Executive Officer (GCEO) of NNPCL, Bayo Ojulari, to appear before it alongside the immediate past GCEO, Mele Kyari, former Chief Financial Officer, Umar Ajia, Bala Wunti, as well as the company’s external auditors.
The committee warned that their appearance on the scheduled date is mandatory.
The resolution followed a motion moved by Osita Izunaso (Imo West) and seconded by Adams Oshiomhole (Edo North).
Chairman of the committee, Aliyu Wadada (Nasarawa West), said the Senate was dissatisfied with the explanations earlier provided by the national oil company regarding the alleged unaccounted funds.
According to him, NNPCL had attributed about N103 trillion to liabilities, but failed to give a detailed breakdown of the figures.
“This committee and by extension the Senate is not satisfied with the blanket explanation given by NNPCL on the N103 trillion it said represents liabilities. Liabilities consist of components such as retention fees, legal fees and audit fees, and the specific amounts spent on each must be clearly stated,” Wadada said.
He also noted that the company must provide a comprehensive explanation for the remaining N107 trillion, which NNPCL reportedly said was used for Joint Venture Cash Calls and funds allegedly owed by some defunct banks whose identities were not disclosed.
“Detailed explanations are expected on the N107 trillion said to have been expended on JVC cash calls and part of the money allegedly owed by some defunct banks,” he added.
Wadada said the committee had resolved to give the company an additional two weeks to appear before it.
“Consequently, it is hereby resolved that NNPCL is given an additional two weeks to unfailingly appear before this committee. The deadline for compliance is Wednesday, April 29, 2026,” he stated.
Earlier during the session, Senator Abdul Ningi (Bauchi Central) urged the committee to invoke the powers of the National Assembly to compel the appearance of the NNPCL management, following repeated failures to honour its invitations.
“We must treat this matter with the utmost seriousness. The essence of democracy rests significantly on the strength and authority of the legislature. Unfortunately, there appears to be a growing reluctance by individuals to honour invitations from the National Assembly,” Ningi said.
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