The Nigerian Senate Committee on Public Accounts has issued a firm ultimatum to the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, demanding his appearance before the committee by July 10. The directive comes in the wake of an explosive audit report that raised red flags over N210 trillion in allegedly unaccounted funds between 2017 and 2023.
Chairman of the committee, Senator Ahmed Wadada, delivered the order during a committee session in Abuja, condemning NNPCL’s failure to attend the hearing despite the gravity of the financial discrepancies under investigation.
Absence Sparks Senate Fury
Instead of attending the session, NNPCL submitted a letter signed by Adedapo Segun on behalf of Ojulari, requesting a two-month extension to prepare responses to the audit queries. However, the committee rejected this request outright.
“Their absence is unacceptable,” Senator Wadada stated. “This committee is giving the NNPCL ten working days from today, ending on July 10, to appear and provide answers to the eleven questions raised last week. If they fail, we will invoke all constitutional powers available to us to compel the GCEO’s appearance.”
The senator emphasized that the committee did not expect paperwork but direct answers from senior officials regarding the massive discrepancies in NNPCL’s financial statements.
Audit Queries Raise Major Red Flags
The controversy stems from a damning audit report that highlights mind-boggling financial irregularities, including unexplained figures listed as accrued expenses and receivables. During a previous session earlier in June, lawmakers issued a one-week ultimatum for explanations from NNPCL officials, including Chief Financial Officer Dapo Segun, who had appeared alongside other executives.
Lawmakers described the inconsistencies as deeply troubling, noting that such enormous sums left unexplained pointed to either severe mismanagement or deliberate obfuscation of public funds.
Arrest Warrant Looms if Deadline Missed
Senator Wadada warned that failure to comply with the July 10 deadline would force the committee to take more drastic action, including issuing an arrest warrant to ensure Ojulari appears before the Senate.
“The GCEO must appear before us for the expected answers,” Wadada said. “We cannot allow a national company of such importance to disregard the legislative arm of government. It sets a dangerous precedent.”
Other Defaulting Agencies Also at Risk
Beyond NNPCL, Senator Wadada revealed that several other federal agencies may face similar scrutiny for failing to honour summons. These include the FCT High Court, the Federal Ministry of Solid Minerals, the Ministry of Steel Development, and the Federal Ministry of Finance.
“If they fail to appear before the committee next Tuesday, they will hear from us,” he warned.
The Stakes: Transparency and Trust
This latest confrontation between the Senate and NNPCL underscores growing concerns about transparency and fiscal accountability in Nigeria’s oil sector. Despite the company’s restructuring and transition to a limited liability company under the Petroleum Industry Act (PIA), critics argue that NNPCL still lacks openness in its financial operations.
With the audit covering a span of six years, lawmakers insist that accountability cannot be delayed or obscured by bureaucratic tactics. The July 10 hearing is shaping up to be a defining moment for both the Senate’s oversight authority and the credibility of NNPCL’s new leadership.
If Ojulari fails to appear, it could not only trigger legal repercussions but also further erode public confidence in one of Nigeria’s most critical revenue-generating institutions.
