Missing ₦210tn: Nigerian Senate Rejects NNPCL’s Retreat Excuse, Gives 10-Day Ultimatum to Appear Before Probe Panel

Oluwasegun SanusiJune 27, 20252 Mins read1k

The Nigerian National Petroleum Company Limited (NNPCL) on Thursday failed to appear before the Senate Committee on Public Accounts, which is probing alleged financial discrepancies amounting to over ₦210 trillion in the company’s audited reports between 2017 and 2023.

Despite receiving a formal summons, neither top executives nor external auditors representing the state-owned oil company attended the hearing, prompting sharp rebukes from lawmakers.

However, officials from the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Department of State Services (DSS) were present, Punch reported.

A letter dated June 25, 2025, signed by NNPCL’s Chief Financial Officer, Dapo Segun, was read during the session. The letter cited an ongoing management retreat and requested a two-month extension to collate the necessary documents and prepare responses.

Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for two months from now to enable us to collate the requested information and documentation,” the letter read.

“Furthermore, members of the board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session of Thursday, 26th June 2025.

While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”

But the Senate panel was unimpressed. The committee’s chairman, Senator Aliyu Wadada, firmly rejected the request and issued a 10-day ultimatum, warning that the NNPCL must appear on July 10, 2025, or face constitutional sanctions.

For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada said. If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers.

The committee stressed that the NNPCL was not being asked to submit new documentation but to answer 11 key questions previously sent, based on its own audited records.

Senator Abdul Ningi (Bauchi Central) insisted that the new Group Chief Executive Officer, Bayo Ojulari, must personally lead the company’s delegation at the next hearing. Ojulari assumed office on April 2, 2025, following the removal of Mele Kyari by President Bola Tinubu.

Senator Onyekachi Nwebonyi (Ebonyi North) said the extension request was suspicious, hinting that the company might lack answers, though he supported a fair hearing on July 10.

Senator Victor Umeh (Anambra Central) warned that the NNPCL’s conduct was eroding public confidence and diminishing the authority of the Senate. “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog,” he said.

This latest no-show comes a week after the Senate panel grilled NNPCL’s CFO and other senior officials over alarming entries in the company’s financials, including ₦103 trillion in accrued expenses and ₦600 billion in retention, legal, and audit fees with no clear documentation.

Meanwhile, in a separate development, the new leadership of NNPCL under Ojulari raised alarm over a growing campaign of internal and external sabotage.

In a statement issued Friday, NNPCL alleged a syndicate of “known and faceless actors” was attempting to derail its anti-corruption reforms by spreading misinformation.

The company, however, remains without an official spokesperson following the resignation of Olufemi Soneye last Saturday.