…attention now shifts to whether NNPCL’s leadership will comply and provide explanations , as the Senate intensifies scrutiny.
TheABUJA, NIGERIA- The iNews Times| The Senate, through its Committee on Public Accounts, has issued a firm deadline of April 29, 2026, to NNPCL to account for a staggering N210 trillion flagged in audit reports spanning 2017 to 2023.
The ultimatum was announced by the committee chairman, Aliyu Wadada, following a meeting held at the National Assembly in Abuja on Wednesday.
Wadada directed the Group Chief Executive Officer of NNPCL, Bayo Ojulari, to appear before the committee on the specified date alongside his predecessor, Mele Kyari, and other key officials. These include former Chief Financial Officer Umar Ajia, Managing Director of the Petroleum Products Marketing Company, Dr. Bala Wunti, as well as the company’s external auditors.
The Senate’s resolution followed a motion moved by Osita Izunaso and seconded by Adams Oshiomhole, reflecting growing concern among lawmakers over the oil company’s financial disclosures.
According to Wadada, the committee is dissatisfied with NNPCL’s previous responses to 19 audit queries, describing them as vague and lacking in detail. He stressed that Nigerians deserve clear, verifiable explanations rather than broad or generalized statements.
A major point of contention is the company’s classification of N103 trillion as “liabilities.” The Sebate rejected this explanation, noting that liabilities typically consist of components such as retention fees, legal fees, and audit fees. Lawmakers demanded a detailed breakdown of the exact amounts allocated to each category, supported by proper documentation.
In addition, the Senate raised questions over N107 trillion reportedly spent on Joint Venture Cash Calls, insisting on full disclosure of how the funds were utilized, including details of any debts allegedly owed by unnamed defunct banks.
“This committee is not satisfied with blanket explanations,” Wadada stated, emphasizing the need for transparency and accountability in the management of public resources.
Earlier during deliberations, committee member Abdul Ningi called for stricter measures to compel compliance, citing repeated failures by NNPCL officials to honour invitations.
He warned that such actions undermine the authority of the legislature, adding that the National Assembly must assert its powers to ensure accountability.
With the new deadline in place, attention now shifts to whether NNPCL’s leadership will comply and provide the detailed explanations demanded, as the Senate intensifies scrutiny of the country’s oil sector finances.
