You have 10 days to account for unexplained ₦200trn - Senate tells NNPCL boss

The Senate has informed the Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Bayo Ojulari, that he has 10 days to respond to 11 critical financial queries related to discrepancies in the firm's audited financial statements.

On Thursday, June 26, 2025, the Senate Committee on Public Accounts issued the ultimatum after the NNPCL formally requested a two-month extension to respond to the queries.

The committee warned that failure to comply with the ultimatum, which expires on July 10, 2025, could have serious constitutional consequences.

This is coming days after the committee, chaired by Senator Aliyu Wadada, expressed dissatisfaction over what it described as mind-boggling and unacceptable financial irregularities uncovered in NNPCL’s books.

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The alleged irregularities include over 200 trillion naira in unexplained receivables and undocumented legal and audit fees spanning the years 2017 to 2023.

“It is unacceptable. We have given them 10 working days. This committee will not tolerate delay tactics in matters concerning public funds,” a furious Wadada warned.

The lawmaker also stressed that, should the corporation fail to respond, the red chamber would be compelled to invoke its constitutional oversight powers.

“Any attempt to disregard this committee’s directive will amount to contempt of the Senate. We are here to protect public funds, and we will not be deterred,” he added.

Wadada lamented the no-show of NNPCL’s external auditors at the hearing, underscoring the need for transparency and accountability.

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Representatives of the Economic and Financial Crimes Commission (EFCC), the Nigeria Financial Intelligence Unit (NFIU), the Department of State Services (DSS) and other key stakeholders attended the session and served as witnesses to the proceedings.