The Nigerian National Petroleum Company Limited, or NNPCL, has been given until April 29, 2026, by the Senate’s Committee on Public Accounts, to account for the N210 trillion that was reported missing in audit reports from 2017 to 2023.
Following a meeting at the National Assembly in Abuja on Wednesday and monitored by ENigeria Newspaper journalist, the committee’s chairman, Senator Aliyu Wadada (SDP Nasarawa West), issued the ultimatum.
Senator Osita Izunaso (APC Imo West) made a motion to that effect, and Senator Adams Oshiomhole (APC Edo North) seconded it.
Wadada said the committee wasn’t happy with the oil company’s answers to 19 audit questions. He said Nigerians need clear, convincing answers, not vague ones.
“This committee and by extension, the Senate, is not satisfied with blanket explanation given by NNPCL on N103trillion which it said, stands for liabilities because liabilities are in three components which are retention fee, legal fee and audit fee.
“Consequently, it is hereby resolved that the NNPCL is given an additional two weeks to unfailingly appear before this committee. The deadline for compliance is set for Wednesday, April 29, 2026,“ Wadada stressed.
He told the NNPCL Group Chief Executive Officer, Engr. Bayo Ojulari, to show up with his predecessor, Mele Kyari, and other important former officials, such as the former Chief Financial Officer (CFO), Umar Ajia, the Managing Director of the Petroleum Products Marketing Company (PPMC), Dr. Bala Wunti, and outside auditors of the national oil company.
The committee turned down NNPCL’s claim that N103 trillion was “liabilities” without a breakdown, saying that the liabilities are made up of three parts: the retention fee, the legal fee, and the audit fee.
“Specific amount of money spent on each of the three components, must be stated and explained”, Wadada stated.
He asked for the exact amount spent on each part and supporting documents. He also wanted to know what the NNPCL said was spent on Joint Venture Cash Calls, which was N107 trillion.
“Detailed explanation is also expected to be given on the N107trillion NNPCL said it expended on JVC cash call and part of the money allegedly owed by some defunct banks whose names were not mentioned”, he added.
Before the resolution, Senator Abdul Ningi (PDP Bauchi Central), a member of the committee, asked for the National Assembly’s powers to be used to force NNPCL management to appear, since they had failed to do so multiple times.
“We must treat this matter with the utmost seriousness. The essence of democracy rests significantly on the strength and authority of the legislature.
“Unfortunately, in recent times, there appears to be a growing reluctance by individuals to honour invitations from the National Assembly, leaving members feeling helpless in compelling appearances before committees,” he said.
