The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company (NNPC) Limited a two-week ultimatum to address discrepancies amounting to N210 trillion identified in its audited financial statements.
Gatekeepers News reports that the committee directed the company’s management to appear before it on or before April 29 to provide detailed explanations regarding the flagged liabilities and expenditures.
The development follows an earlier summons issued in March to former NNPC Group Chief Executive Officer, Mele Kyari, over alleged inconsistencies in the company’s financial records spanning 2017 to 2023.
At a session on Wednesday, the committee instructed the current GCEO, Bayo Ojulari, to appear alongside Kyari, former Chief Financial Officer Umar Ajia, Bala Wunti, and the firm’s external auditors.
The resolution was adopted after a motion by Osita Izunaso, senator representing Imo West, and seconded by Adams Oshiomhole of Edo North.
Aliyu Wadada, chairman of the committee and senator representing Nasarawa West, stressed that the full details of the funds in question must be provided, noting that the responses so far submitted by the company to 19 audit queries were inadequate.
“This committee and by extension, the senate, is not satisfied with blanket explanation given by NNPCL on N103 trillion, which it said stands for liabilities because liabilities are in three components, which are retention fee, legal fee, and audit fee,” Wadada said.
“Specific amount of money spent on each of the three components must be stated and explained.
“Detailed explanation is also expected to be given on the N107 trillion NNPCL said it expended on JVC cash call and part of the money allegedly owed by some defunct banks whose names were not mentioned.
“Consequently, it is hereby resolved that the NNPCL is given an additional two weeks to unfailingly appear before this committee. The deadline for compliance is set for Wednesday, April 29, 2026.”
Also speaking, Abdul Ningi, senator representing Bauchi Central, called for stronger measures to ensure compliance with legislative summons.
“We must treat this matter with the utmost seriousness. The essence of democracy rests significantly on the strength and authority of the legislature,” he said.
Ningi expressed concern over what he described as a growing trend of individuals ignoring invitations from the National Assembly, warning that it undermines the oversight function of lawmakers.
