Senate gives NNPCL 10-day ultimatum to explain N210 trillion discrepancies in audited reports.
Lawmakers reject extension request, threaten sanctions if company fails to meet July 10 deadline.
The Nigerian Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) a strict deadline of 10 working days to appear before it and explain discrepancies in its audited financial statements covering the years 2017 to 2023. The lawmakers are demanding answers concerning an alarming sum of over N210 trillion in irregularities discovered in the company’s financial records during this period.
This development follows a formal request by the NNPCL for a two-month extension to enable its team to gather necessary documents and make relevant preparations. In a letter to the Senate Committee, the company cited that many of its top management staff were currently attending an international retreat, thereby making immediate engagement with the committee difficult.
However, this explanation did not sit well with the committee, which viewed the request as an attempt to delay accountability. Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada, firmly rejected the request and insisted that the company must comply with the new July 10 deadline or face the consequences.
Speaking to journalists, Senator Wadada criticized what he described as a “lack of seriousness” on the part of NNPCL, given the magnitude of public funds under scrutiny. He emphasized that the issue at hand involves vast amounts of money and must not be treated casually. “We are not dealing with millions here, not even billions. This is over N210 trillion,” Wadada said. “We are talking about public funds, and those entrusted with managing them must be held accountable.”
He warned that if the NNPCL fails to meet the deadline, the committee would be compelled to invoke its legislative powers. Possible actions include the issuance of a warrant of arrest for responsible officers, or the forwarding of recommendations to the entire Senate for further sanctions through a plenary resolution.
Senator Wadada further noted that the committee had shown considerable patience and professionalism in its dealings with the NNPCL, stressing that accountability institutions must not be undermined. “This committee has the constitutional mandate to oversee the spending of public funds and ensure transparency in the use of national resources. No agency or company should consider itself above the law, not even the NNPCL,” he said.
The senator also pointed out that the committee has written to the NNPCL several times in the past, requesting that its management appear before it with complete documentation regarding its audited accounts. Yet, according to him, the company has continued to delay, citing various internal and logistical reasons.
Stakeholders in the oil and gas sector and public accountability space have been following the developments closely, as the NNPCL is one of Nigeria’s most critical state-owned enterprises. Its financial records often serve as a barometer for assessing transparency in the extractive sector, which has long been plagued by allegations of mismanagement and corruption.
If the NNPCL fails to respond adequately within the stipulated time, this could lead to a significant showdown between the legislature and the company’s leadership, possibly setting a precedent for how statutory bodies will treat future audits and legislative oversight.
The Nigerian public awaits further developments as the July 10 deadline approaches, with many calling for transparency and firm action from the Senate in ensuring that public funds are properly accounted for.
