The Nigerian National Petroleum Company Limited (NNPCL) on Thursday failed to honour a summons by the Senate Committee on Public Accounts, which is investigating alleged financial irregularities totalling over ₦210 trillion in the company’s audited reports from 2017 to 2023.
Despite being formally invited, neither NNPCL officials nor its external auditors appeared before the committee. In contrast, 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) were present at the hearing.
In reaction to NNPCL’s absence, the Senate panel issued a 10-day ultimatum, directing the company’s top executives to appear before the committee by July 10, 2025, or face constitutional sanctions.
A letter addressed to the committee from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read during the session. The letter cited an ongoing management retreat and requested a two-month extension to prepare the required documents and responses.
It partly read:
“Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for 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 of 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.”
However, the committee swiftly rejected the request, stating that the company was not required to submit documents at this stage, but rather to respond verbally to 11 specific questions previously communicated.
Committee Chairman, Senator Aliyu Wadada, expressed strong dissatisfaction, stating:
“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable. If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers.”
Other lawmakers also voiced their displeasure.
Senator Abdul Ningi (Bauchi Central) insisted that Group CEO Bayo Ojulari must personally lead the NNPCL delegation at the next hearing. Ojulari assumed office on April 2, 2025, succeeding Mele Kyari.
Senator Onyekachi Nwebonyi (Ebonyi North) interpreted the extension request as a lack of preparedness.
“The request suggests they have no answers. Still, we will give them a fair hearing by reconvening on July 10.”
Senator Victor Umeh (Anambra Central) warned the company against treating the Senate with contempt, stating:
“If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”
The ongoing probe follows last week’s grilling of NNPCL officials, including CFO Segun, over what senators described as “mind-boggling” discrepancies in the company’s accounts. The committee flagged ₦103 trillion in accrued expenses—such as ₦600 billion in retention fees, legal costs, and auditing fees—without supporting documents. An additional ₦103 trillion in receivables also raised red flags.
Compounding concerns, NNPCL recently submitted a revised financial report contradicting earlier filings, prompting the Senate to demand detailed explanations to the 11 key queries.
The committee reiterated that failure to comply by the July 10 deadline could result in severe legislative consequences.
