The Senate Committee on Public Accounts has issued a firm directive to the management of the Nigerian National Petroleum Company Limited to appear before it by April 29 in order to respond to questions surrounding N210 trillion highlighted in audit reports covering 2017 to 2023. The directive follows growing legislative scrutiny over the company’s financial disclosures and reported discrepancies in national oil accounts across multiple financial review cycles carried out.
The committee ordered the Group Chief Executive Officer of NNPCL, Bayo Ojulari, to appear alongside the immediate past Group Chief Executive Officer, Mele Kyari. Also expected are former Chief Financial Officer Umar Ajia, Dr Bala Wunti, and the external auditors of the national oil company. They are expected to provide detailed explanations on audit queries and financial records spanning several reporting periods before the committee session begins without exception forthwith.
According to the News Agency of Nigeria, the resolution followed a motion moved by Senator Osita Izunaso of Imo West and seconded by Senator Adams Oshiomhole of Edo North. The motion underscored increasing parliamentary concern over unresolved financial issues within the national oil company as noted by lawmakers recently.
Chairman of the committee, Senator Aliyu Wadada of Nasarawa West, said the committee was not satisfied with the explanations provided by NNPCL regarding the audit queries. He stressed that Nigerians deserve clear and detailed accounts of how the funds were reported and managed. He emphasized the need for transparency, accountability, and proper documentation of all financial inflows and outflows within the company’s audited statements going forward in detail.
“This committee, and by extension, the Senate, is not satisfied with the blanket explanation given by NNPCL on N103 trillion, which it claimed represents liabilities.
“Liabilities have components such as retention fees, legal fees and audit fees. Specific amounts spent on each of these components must be clearly stated and explained.
“Detailed explanations are also required for the N107 trillion which NNPCL said was expended on joint venture cash calls as well as funds allegedly owed by some defunct banks whose identities were not disclosed.
“Consequently, it is resolved that NNPCL is given an additional two weeks to appear before this committee unfailingly.
“The deadline for compliance is Wednesday, April 29,” Wadada said.
Another member of the committee, Senator Abdul Ningi of Bauchi Central, urged the Senate to invoke its constitutional powers to compel compliance, citing repeated failure by NNPCL officials to honour invitations. He warned that repeated absence undermines legislative oversight functions and public trust in governance system.
“We must treat this matter with utmost seriousness. The strength of democracy rests significantly on the authority of the legislature.
“Unfortunately, there appears to be a growing reluctance to honour invitations from the National Assembly, leaving members feeling helpless in enforcing compliance,” he said.
The committee maintained that full accountability is necessary and insisted that all queried amounts must be properly explained in line with public financial transparency standards. It stressed that clarity in public accounts remains essential for national economic confidence overall stability.
