Senate Committee Gives NNPCL CEO 10-Day Deadline To Address Financial Irregularities

The Senate Committee on Public Accounts has issued a 10-day ultimatum to Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to respond to 11 significant financial queries concerning discrepancies in the company’s audited financial reports.

Failure to meet the deadline, the Senate warned, could lead to serious constitutional repercussions.

The committee, led by Senator Aliyu Wadada, had earlier raised concerns about what it described as “mind-boggling and unacceptable” financial irregularities in NNPCL’s accounts. Among the issues flagged were over ₦200 trillion in unexplained receivables and undocumented legal and audit expenses covering the period from 2017 to 2023.

NNPCL had formally requested a two-month extension to respond to the queries during a session last Thursday. However, the committee rejected the request outright, insisting on a 10-working-day deadline, set to expire on July 10.

“This is unacceptable. We have given them 10 working days,” Senator Wadada stated.

“This committee will not entertain delay tactics when it comes to matters involving public funds.”

He further cautioned that if the NNPCL CEO fails to comply, the Senate would be forced to exercise its constitutional oversight authority.

“Any disregard for this committee’s directive will be seen as contempt of the Senate. We are here to safeguard public funds, and we will not be discouraged,” Wadada warned.