The Nigerian National Petroleum Company Limited on Thursday failed to appear before the Senate Committee on Public Accounts, which is currently investigating alleged financial irregularities in the company’s audit reports between 2017 and 2023, estimated at over ₦210 trillion.
Although the Senate had formally invited NNPCL to the session, none of its officials or external auditors were present. Instead, the meeting was attended by representatives from the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Department of State Services (DSS).
Following this absence, the Senate committee issued a strict 10-day deadline to NNPCL, warning that its top management must appear before the panel by July 10. If they fail to show up, the Senate warned it will take constitutional actions against the company.
During the hearing, a letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read aloud. In the letter, Segun noted that the company’s board members and senior executives were currently attending a management retreat. He asked for a two-month delay to gather all the required information and documents.
The letter stated, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.
“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.
“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”
But the Senate committee refused the request for a two-month delay.
Committee Chairman, Senator Aliyu Wadada, noted that NNPCL was not required to submit new documents, but simply respond to 11 key questions already sent to them. He said a delay of two months was unreasonable, especially since the questions were based on the company’s own audit reports.
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada said. “If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers.”
Other senators agreed with this position. Senator Abdul Ningi from Bauchi Central noted that NNPCL’s CEO, Bayo Ojulari, must lead the delegation when they appear. Ojulari was appointed to the position on April 2, 2025, replacing Mele Kyari.
Senator Onyekachi Nwebonyi from Ebonyi North added that the request for more time seemed like an excuse to avoid the questions, but said the Senate would still offer a fair hearing on the new date. Meanwhile, Senator Victor Umeh of Anambra Central warned NNPCL not to take the Senate lightly, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
The committee is seeking detailed explanations on ₦103 trillion in expenses, including ₦600 billion in legal, auditing, and retention fees, with no supporting documents. Another ₦103 trillion listed as receivables also raised questions.
Just before the previous hearing, NNPCL submitted a new financial report which contradicted earlier records, deepening the Senate’s concerns.
