Senate gives NNPCL CEO 10 days to address financial irregularities or face constitutional sanctions
The Senate Committee on Public Accounts has given the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, a 10-day deadline to respond to 11 major financial concerns stemming from discrepancies in the company’s audited financial statements.
The committee warned that failure to comply could lead to serious constitutional repercussions.
The ultimatum, set to expire on July 10, follows the Senate’s rejection of NNPCL’s request for a two-month extension to address the queries.
The committee, led by Senator Aliyu Wadada, had earlier expressed alarm over what it termed “shocking and unacceptable” irregularities in NNPCL’s financial records, including over ₦200 trillion in unexplained receivables and unverified legal and audit expenses from 2017 to 2023.
“This delay tactic is unacceptable. We’ve given them 10 working days. No excuses,” Senator Wadada declared. “Public funds are at stake, and this committee won’t stand by idly.”
He further emphasized that noncompliance would be seen as contempt of the Senate and would trigger the legislature’s constitutional powers of oversight. “Disregard for this directive will not be tolerated. We are duty-bound to defend the integrity of public finance.”
Senator Wadada also criticized the absence of NNPCL’s external auditors at the investigative hearing, stressing that their presence was crucial for ensuring transparency and proper scrutiny.
The session was attended by officials from key anti-corruption and intelligence agencies, including the Economic and Financial Crimes Commission (EFCC), Nigeria Financial Intelligence Unit (NFIU), and the Department of State Services (DSS), all of whom served as witnesses to the proceedings.
