N200 Trillion Missing: Senate Gives NNPC 10 Days to Explain

DDM News

The Nigerian Senate has issued a 10-working-day deadline to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari.

The directive is in response to a series of 11 damning financial queries raised from the company’s audited financial reports.

Diaspora Digital Media (DDM) reports that the Senate Committee on Public Accounts is demanding urgent clarification on these financial discrepancies.

According to the committee, the issues span a wide range of irregularities in NNPCL’s financial dealings from 2017 to 2023.

The Senate warns that failure to comply with this order could lead to severe constitutional consequences for the NNPCL leadership.

At the centre of the controversy are over N200 trillion in unexplained receivables uncovered during the audit review.

Also under scrutiny are billions in undocumented legal and audit fees spread across several fiscal years.

Senator Aliyu Wadada, who chairs the Senate Committee on Public Accounts, said the gravity of the financial inconsistencies is “unacceptable and mind-boggling.”

He stated that the level of irregularities discovered within the national oil company calls for serious concern and must not be overlooked.

Wadada disclosed that NNPCL, in a letter received by the Senate on Thursday, requested a two-month extension to respond to the queries.

The Senate committee, however, flatly rejected the request, describing it as a delay tactic.

“We consider this request as a ploy to frustrate our oversight responsibilities,” Senator Wadada declared.

He said the Senate has given NNPCL exactly 10 working days, with the deadline set for July 10, to submit its formal responses.

He further stressed that any failure to comply would amount to contempt of the Senate and a disregard for constitutional authority.

“This committee will not tolerate delay tactics, especially when the matter involves public funds running into trillions of naira,” Wadada warned.

He said the Senate has a responsibility to protect the Nigerian people by ensuring full accountability in public institutions.

The committee has also hinted at invoking its constitutional powers if the company fails to meet the deadline.

Observers note that this marks one of the most aggressive financial probes ever directed at the restructured NNPCL since it became a limited liability company.

The controversy has already sparked renewed calls for transparency in the operations of Nigeria’s oil and gas sector.

Civil society organisations and industry stakeholders are closely watching how the situation unfolds in the coming days.

Wadada emphasized that the NNPCL’s request for more time was not tenable given the urgency of the issues raised.

He said the committee expects nothing less than full cooperation from the leadership of NNPCL to address the concerns.

The Senate is particularly alarmed by the volume of funds classified under “receivables” without clear documentation or reconciliation.

There are also concerns that some of the legal and auditing expenses may have been padded or misappropriated.

This development adds to a growing list of public finance controversies currently facing top federal institutions.

In recent months, the National Assembly has intensified its efforts to scrutinise government spending and ensure transparency.

Senator Wadada reiterated that the Senate is determined to protect Nigeria’s resources and will not be deterred by any attempts to obstruct its work.

He said the credibility of the NNPCL and its leadership is on the line, and that the committee expects timely and detailed explanations.

Analysts believe that the outcome of this investigation could set a precedent for future engagements between the National Assembly and state-owned enterprises.

As the July 10 deadline approaches, pressure is mounting on NNPCL’s management to provide answers to the nation.

Many Nigerians are now asking how such massive financial irregularities could have gone unnoticed for so long.

There are fears that if not addressed swiftly, the issue could erode investor confidence in Nigeria’s petroleum industry.

Stakeholders say it is time for the NNPCL to embrace full disclosure and corporate governance in line with global standards.

Meanwhile, watchdog groups have called on the Economic and Financial Crimes Commission (EFCC) to be ready to step in if criminal elements are discovered.

Senator Wadada concluded that the Senate would not back down, and that anyone found culpable would be held accountable.

The coming days are expected to reveal whether NNPCL will honour the Senate’s ultimatum or face the full weight of constitutional sanctions.

DDM will continue to monitor the situation and provide updates as events unfold.

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