The Nigerian Senate has issued a 10-day ultimatum to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, to provide detailed responses to 11 audit queries relating to alleged financial discrepancies amounting to over ₦200 trillion.
The directive was issued on Thursday, June 26, by the Senate Committee on Public Accounts following NNPCL’s request for a two-month extension to address the allegations. Lawmakers, however, rejected the request, citing the gravity of the audit findings and the need for immediate accountability.
Committee Chairman, Senator Aliyu Wadada, described the findings as “mind-boggling and unacceptable,” highlighting issues such as unexplained receivables and undocumented legal and audit expenses spanning from 2017 to 2023.
“It is unacceptable. We have given them 10 working days. This committee will not tolerate delay tactics in matters concerning public funds,” Wadada stated during the session. He warned that failure to meet the July 10 deadline would attract serious constitutional consequences, including possible contempt proceedings against NNPCL leadership.
The session was attended by representatives from key security and anti-corruption agencies including the Economic and Financial Crimes Commission (EFCC), Nigeria Financial Intelligence Unit (NFIU), and the Department of State Services (DSS), all of whom witnessed the proceedings.
Wadada also expressed disappointment over the absence of NNPCL’s external auditors, whom he said were critical to validating the company’s financial integrity. “Their absence further raises concerns. This is about public trust and transparency,” he said.
In a related development, the EFCC has arrested a former Chief Financial Officer of NNPCL in connection with an alleged $7.2 billion refinery fraud. Former GCEO Mele Kyari is also reportedly under scrutiny and may face a U.S. visa ban as part of an expanding corruption probe tied to NNPCL’s operations.
The developments have intensified scrutiny on Nigeria’s national oil company, which has long been plagued by allegations of mismanagement and opacity. Analysts say the Senate’s strong stance marks a potential turning point in efforts to enforce accountability in the petroleum sector.
With the July 10 deadline fast approaching, the spotlight remains firmly on Ojulari and the NNPCL leadership to come clean and restore public confidence.
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