The Nigerian National Petroleum Company Limited (NNPCL) on Thursday failed to appear before the Senate Committee on Public Accounts, which is investigating alleged financial discrepancies totaling over ₦210 trillion in the company’s audited reports from 2017 to 2023.
Despite being formally summoned, no representatives from NNPCL or its external auditors attended the hearing. In contrast, officials from the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Department of State Services (DSS) were present.
In response to NNPCL’s absence, the committee issued a 10-day ultimatum, demanding that top executives appear before the panel by July 10, warning that failure to comply would trigger constitutional sanctions.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25 and read during the session, cited an ongoing management retreat and requested a two-month postponement to prepare relevant documents.
The letter read in part:
Having carefully reviewed your request, we hereby seek your kind consideration to reschedule the engagement for two months to enable us to collate the requested information. Members of the Board and senior management are currently out of office for a retreat, making it difficult to attend the session on June 26.
However, the committee rejected the request.
Committee Chairman, Senator Aliyu Wadada, criticized the delay, noting that NNPCL was not asked to submit new documentation but to provide verbal responses to 11 previously outlined questions based on its own audited accounts.
For an institution like NNPCL to request two months just to answer questions on its own records is unacceptable, Wadada said. If they fail to show up by July 10, we will invoke our constitutional powers. Nigerians deserve transparency.
Other lawmakers echoed his frustration.
Senator Abdul Ningi (Bauchi Central) insisted that NNPCL Group CEO, Bayo Ojulari, who took over from Mele Kyari on April 2, 2025, must personally lead the team at the next session.
Senator Onyekachi Nwebonyi (Ebonyi North) argued the delay indicated a lack of answers but assured the company of a fair hearing on the rescheduled date.
Senator Victor Umeh (Anambra Central) warned NNPCL not to undermine the authority of the Senate, stating, If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.
Last week, CFO Dapo Segun and other NNPCL executives were grilled over what the panel described as mind-boggling irregularities in the company’s financial statements. The Senate flagged ₦103 trillion in accrued expenses—including ₦600 billion in legal, auditing, and retention fees—lacking proper documentation.
An additional ₦103 trillion listed as receivables was also questioned. Just ahead of the hearing, NNPCL submitted a revised financial report that contradicted earlier filings, raising further concerns.
The committee reiterated its demand for detailed answers to 11 specific queries and warned that continued noncompliance would lead to legislative consequences.