NNPCL Snubs Senate Over ₦210 Trillion Audit Scandal

The Nigerian National Petroleum Company Limited (NNPCL) stirred controversy after failing to appear before the Senate Committee on Public Accounts.

Lawmakers had summoned executives to explain over ₦210 trillion in financial discrepancies uncovered in audits from 2017 to 2023.

Their absence triggered immediate backlash, with senators demanding accountability for the opaque figures clouding the oil giant’s records.

While anti-graft agencies like the EFCC, ICPC, and DSS attended the hearing, NNPCL’s empty seats dominated discussions.

Critics questioned why Africa’s largest oil firm dodged scrutiny over sums that could fund Nigeria’s budget for years.

The committee chairman later revealed receiving a last-minute letter from CFO Dapo Segun citing a management retreat as the excuse.

The letter requested a two-month extension to compile documents, but lawmakers swiftly rejected the appeal.

Senator Wadada slammed the delay as unacceptable, giving NNPCL until July 10 to face scrutiny.

He emphasized that audited reports shouldn’t require months to explain, especially with ₦103 trillion in accrued expenses under dispute.

Tensions escalated as senators dissected NNPCL’s audit queries, including ₦600 billion in poorly documented legal and retention fees.

Senator Ningi insisted new CEO Bayo Ojulari must personally lead the delegation, calling it a litmus test for his reform promises.

The demand gained urgency given Ojulari’s April 2025 appointment after Mele Kyari’s dismissal over accountability concerns.

Some lawmakers, like Onyekachi Nwebonyi, viewed the extension plea as a stalling tactic, while Victor Umeh warned repeated no-shows would force tougher Senate action.

Meanwhile, NNPCL claimed unnamed saboteurs were undermining its anti-corruption drive—a statement issued without a spokesperson following Olufemi Soneye’s abrupt resignation.

With public trust eroding, the July 10 deadline looms as a decisive moment.

The Senate vows to escalate measures if NNPCL fails again, emphasizing citizens deserve answers about missing trillions.

As Nigeria watches, the standoff pits legislative oversight against corporate opacity in a high-stakes clash over transparency.