The Nigerian National Petroleum Company Limited (NNPCL) was notably absent on Thursday before the Senate Committee on Public Accounts, which is currently investigating alleged financial discrepancies totaling over N210 trillion in the company’s audited financial statements from 2017 to 2023.
Despite being summoned, neither NNPCL officials nor their external auditors attended the hearing. However, representatives from the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Department of State Services (DSS) were present to observe the proceedings.
In response to NNPCL’s absence, the committee, led by Senator Aliyu Wadada, issued a 10-day ultimatum, demanding that the company’s top executives appear before the panel by July 10, 2025, or face constitutional sanctions. The committee emphasized that the company must provide verbal responses to 11 critical questions previously sent to them, not just submit documents.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read aloud during the session. The letter cited an ongoing management retreat and requested a two-month extension to prepare the necessary documents and responses. It stated, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for two months from now to enable us to collate the requested information and documentation. Furthermore, members of the board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session of Thursday, 26th June 2025. While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise.”
The lawmakers, however, rejected this request, insisting that the NNPCL’s delay tactics were unacceptable. Senator Wadada stated, “For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable. If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers.”
Other members of the committee echoed similar sentiments. Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, who succeeded Mele Kyari on April 2, 2025, must personally lead the delegation at the next hearing. Senator Onyekachi Nwebonyi (Ebonyi North) interpreted the two-month request as a sign that NNPCL lacked answers but assured that the committee would still grant a fair hearing by reconvening on July 10. Senator Victor Umeh (Anambra Central) warned NNPCL against undermining the Senate, declaring, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
Last week, the Senate panel had grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements. The Senate flagged ₦103 trillion in accrued expenses, including ₦600 billion in retention fees, legal, and auditing costs—without supporting documentation. Another ₦103 trillion was listed under receivables, and a revised report submitted by NNPCL just before the hearing contradicted previously published figures, raising further concerns.
The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.
