Senate Committee Gives NNPCL 10-Day Ultimatum to Explain ₦200trn Unaccounted Funds
The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Bayo Ojulari, 10 working days to respond to queries regarding discrepancies in its audited financial statements. The ultimatum, which expires on July 10, was issued after NNPCL requested a two-month extension to respond to the queries, a request the committee deemed unacceptable.
The committee, chaired by Senator Aliyu Wadada, expressed strong dissatisfaction with the financial irregularities uncovered in NNPCL’s books, including over ₦200 trillion in unexplained receivables and undocumented legal and audit fees spanning 2017 to 2023. Wadada emphasized that the committee would not tolerate delay tactics in matters concerning public funds and warned that failure to comply could attract serious constitutional consequences.
“We are here to protect public funds, and we will not be deterred,” Wadada said, adding that any attempt to disregard the committee’s directive would amount to contempt of the Senate. The lawmaker also expressed concern over the absence of NNPCL’s external auditors at the hearing, highlighting the need for transparency and accountability.
The session was attended by representatives from key agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigeria Financial Intelligence Unit (NFIU), and the Department of States Services (DSS), who served as witnesses to the proceedings. The committee’s actions underscore its commitment to ensuring accountability and transparency in the management of public funds.#Senate Committee Gives NNPCL 10-Day Ultimatum to Explain ₦200trn Unaccounted Funds#
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