NNPCL Under Fire: Senate Demands Answers on N210 Trillion Discrepancies, Issues July 10 Ultimatum
Nigeria's state-owned oil giant, the Nigerian National Petroleum Company Limited (NNPCL), is facing intense scrutiny from the Senate over a staggering N210 trillion in alleged financial discrepancies. The Senate Committee on Public Accounts (SPAC) has issued a stern 10-working-day ultimatum, demanding that NNPCL's top brass appear before them by July 10, 2025, or face constitutional force.
The colossal sums in question span NNPCL's audited financial statements from 2017 to 2023, raising serious concerns about transparency and accountability within the nation's most critical revenue-generating sector.
Where Did N210 Trillion Go? The Shocking Allegations
The audit queries highlight two major categories of questionable figures:
N103 Trillion in Unexplained "Accrued Expenses": This mind-boggling figure includes a reported N600 billion in retention fees, legal fees, and auditing costs that, according to the Senate committee, lack proper supporting documentation or traceable contract references. It's a gaping hole in the company's financial records.
N107 Trillion in Unreconciled "Receivables": These are vast sums of outstanding payments supposedly owed to NNPCL. However, the committee questions the reconciliation process, suggesting a lack of clarity on who owes what, and why it hasn't been collected or properly accounted for.
Adding to the financial puzzle, the SPAC also noted a perplexing contradiction: while NNPCL's subsidiary, National Petroleum Investment Management Services (NAPIMS), reported a N9 trillion profit between 2017 and 2021, the overarching NNPCL itself oddly recorded a N16 billion loss during the same period.
Senate Rejects Delay Tactics, Issues Final Warning
The Senate Committee on Public Accounts, led by Chairman Senator Aliyu Wadada, has voiced strong displeasure over NNPCL's perceived evasiveness. The oil company initially received a seven-day deadline to reconcile the figures but failed to show up at a recent hearing. Instead, NNPCL requested a two-month postponement, citing the need for data collation and the absence of key executives.
Senator Wadada's committee flatly rejected this plea, labelling it "unacceptable and suspicious."
"This delay tactic will not be tolerated," a source close to the committee stated. "The Nigerian people deserve to know how their oil wealth is being managed."
The new, non-negotiable July 10, 2025, deadline requires NNPCL's Group Chief Executive Officer (GCEO), Bayo Ojulari, and other top officials to personally appear and provide detailed answers to the 11 specific audit queries.
NNPCL's Defense and the Stakes Ahead
NNPCL's Chief Financial Officer, Dapo Segun, has previously attributed the N210 trillion figures to unreconciled joint venture (JV) cash calls and settlements, citing past governance procedures. However, the Senate committee finds this explanation insufficient, especially given that these massive figures are already published in NNPCL's publicly available audited financial statements.
The stakes are incredibly high. The Senate's warning is clear: failure to meet the July 10 deadline will lead to the invocation of its full constitutional powers, including compelling attendance and enforcing accountability.
This probe is seen as absolutely critical for transparency, for bolstering investor confidence (particularly as NNPCL reportedly eyes a potential Initial Public Offering - IPO), and for ensuring fundamental national accountability in Nigeria's lifeblood – its oil sector. Key anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and Department of State Services (DSS), are reportedly involved, signaling the seriousness and breadth of this pivotal investigation.
