The Senate Committee on Public Accounts (SPAC) has issued a 10-working-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to address 11 critical audit queries involving ₦210 trillion in discrepancies flagged in its audited financial statements from 2017 to 2023.
This decision was made following NNPCL’s request for a two-month postponement of its scheduled appearance before the committee, citing the absence of senior executives at a retreat and the need to gather relevant documentation. However, the Senate committee, chaired by Senator Aliyu Wadada, rejected the request, calling it “unacceptable and suspicious.”
The committee insisted that NNPCL must appear by July 10, 2025, to respond to the long-standing audit issues, which were previously raised during earlier engagements. Wadada noted that the queries originate directly from NNPCL’s own financial records and warned that failure to comply would be considered contempt of the National Assembly.
“These audit questions are not new. NNPCL has had ample time to respond. This delay shows a disregard for legislative oversight,” Wadada said.
He further cautioned that if the NNPCL fails to meet the deadline, the Senate may invoke its constitutional powers to compel the company’s leadership to appear and provide clarity on the discrepancies.
The development has raised fresh concerns over transparency and accountability in Nigeria’s oil sector, especially in light of the staggering financial variances involved.
Observers say this showdown underscores the growing tension between legislative oversight and the operational conduct of state-owned enterprises, particularly in critical sectors like oil and gas.
