Nigerian Senate Orders NNPCL CEO to Appear Over ₦210 Trillion Audit Gaps or Face Arrest Threat

 

The Nigerian Senate has taken a decisive stand against the Nigerian National Petroleum Company Limited (NNPCL) as tensions rise over unresolved discrepancies amounting to a staggering N210 trillion. A final ultimatum has now been issued to the Group Chief Executive Officer of NNPCL, Bashiru Bayo Ojulari, mandating his personal appearance before the Senate Committee on Public Accounts within ten working days.

Senators erupted with dissatisfaction on Thursday after the embattled oil corporation failed to attend a scheduled hearing to address critical questions arising from its audited financial statements spanning 2017 to 2023. Rather than attending, NNPCL sent a letter requesting an additional two months to compile necessary documents, citing the unavailability of top management who were said to be attending a corporate retreat.

This response was met with fierce condemnation from the committee, chaired by Senator Aliyu Wadada. He described the excuse as not only insufficient but as an affront to both the Senate and the Nigerian people. The committee proceeded to fix a new deadline for the hearing on Thursday, July 10, 2025, warning that further absence would result in the invocation of constitutional sanctions.

“The excuse that key executives are away on retreat, and require two extra months to gather files, is disrespectful to this institution and to Nigerians who deserve answers,” Senator Wadada stated pointedly. “The discrepancies in question have already been made public through NNPCL’s audited financial statements. We are not requesting speculative data. The GCEO must appear in person or face the full weight of legislative consequences.”

Key representatives from anti-corruption and security agencies, including the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU), and the Department of State Services (DSS), were present at the hearing. Their presence underlined the high-stakes nature of the probe and the gravity with which the Senate views the matter.

Senators have made it clear that no document contradicting what is already captured in NNPCL’s audited reports will be accepted. The committee emphasized that attempts to revise or reinterpret figures will not be entertained, stressing that any such materials will be dismissed as mere paperwork with no official bearing.

The breakdown of the disputed N210 trillion includes N103 trillion listed as accrued expenses and another N107 trillion shown as receivables. This vast financial gap has raised serious concerns about transparency, accountability, and the overall financial management of the national oil company.

Despite NNPCL’s attempt to explain the figures as internal accounting entries related to Joint Venture (JV) cash calls, the Senate remains unsatisfied. NNPCL’s Chief Financial Officer, Adedapo Segun, previously tried to clarify that the N107 trillion figure represented cash call requests from JV partners as well as payments that had not been reconciled. According to him, the amounts are linked and would neutralize each other once reconciliation is complete.

That explanation did little to ease the committee’s doubts. Senator Wadada responded sharply, asking why such discrepancies appeared in a document that had already been finalized and made public if reconciliation was still pending.

“What’s even more troubling is that NNPCL is moving towards an Initial Public Offering (IPO) and yet they’re presenting financials that are not fully reconciled. This raises very real concerns about the credibility of the data they plan to share with investors,” Wadada added.

Earlier investigations launched by the Senate’s Public Accounts Committee were prompted by revelations from external auditors, who flagged major gaps in NNPCL’s reporting. Those auditors are now collaborating with the committee to drill deeper into the company’s books. The committee insists that the leadership of NNPCL must address these issues publicly and directly, rejecting any form of delegation or delay.

NNPCL’s decision to request more time and submit its plea through a letter has only fueled suspicions among lawmakers. The company claims the delay is necessary because of the complexity and volume of documentation required. However, senators were unified in their stance that further postponement is unacceptable.

Failure to comply with the latest directive to appear in person by July 10 will trigger strong constitutional measures, including the possible issuance of a warrant of arrest. The committee warned that any further acts of non-compliance would be viewed as contempt of the Senate and met with full legislative enforcement.

As the clock ticks down, pressure mounts on the NNPCL to provide concrete answers to what may be one of the largest financial discrepancies in Nigeria’s public sector in recent years. The Senate’s resolve signals a growing intolerance for corporate opacity, especially when it involves funds critical to national development.