Senate Grills NNPCL Over ₦210tn Audit Gaps

The Nigerian Senate is expressing strong dissatisfaction with the Nigerian National Petroleum Company Limited (NNPCL) after the company failed to appear before a committee investigating over ₦210 trillion in financial discrepancies from 2017 to 2023.

Despite being summoned, neither NNPCL officials nor their external auditors showed up, although anti-corruption and security agencies did attend. In response, the Senate Committee on Public Accounts has given the company until July 10 to respond or face constitutional consequences.

NNPCL had cited a management retreat and requested a two-month extension to prepare necessary documents, but the committee rejected this, noting that the company only needs to answer 11 pre-sent questions, not submit files.

Lawmakers are growing frustrated, viewing the delay as a sign of noncompliance, and demanding that the new Group CEO, Bayo Ojulari, appear in person. The Senate flagged ₦103 trillion in questionable expenses, including legal and auditing fees lacking documentation, and another ₦103 trillion in receivables with conflicting data in revised reports. The lawmakers are insisting on detailed explanations and have warned of further action if NNPCL doesn’t comply.