The committee viewed the request for a two-month deferral as a deliberate stalling tactic, potentially indicating an unwillingness or inability to address the troubling findings.
The Senate Committee on Public Accounts (SPAC) has issued a 10-working-day ultimatum to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, demanding full responses to 11 critical financial audit queries relating to the company’s operations between 2017 and 2023.
This stern directive, announced during a tense committee session on Thursday, followed a controversial letter from the NNPCL requesting a two-month extension to enable its leadership, currently on a retreat to “collate requested information and documentation.”
The letter, dated June 24, was promptly rejected by the committee, which labelled the request as evasive and unacceptable.
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Background: Troubling figures in NNPCL’s books
The audit queries stem from what the senate committee described as “mind-boggling” financial discrepancies uncovered in the NNPCL’s audited financial statements. These include:
- Over ₦200 trillion in unexplained receivables
- Unverified and undocumented legal and audit fees
- Gaps in contract management and procurement records
- Alleged non-compliance with public procurement and financial regulations
These issues came to light during a recent probe into the financial books of key government-owned enterprises. SPAC Chairman, Sen. Ahmed Aliyu Wadada (SDP, Nasarawa West), expressed deep concern that such sums remain unaccounted for despite the NNPCL’s transition to a commercial entity under the Petroleum Industry Act (PIA) 2021.
Senate slams delay tactics, warns of consequences
The committee viewed the request for a two-month deferral as a deliberate stalling tactic, potentially indicating an unwillingness or inability to address the troubling findings. Members of the committee questioned why the top brass of NNPCL, knowing they were under audit scrutiny, chose to embark on a retreat rather than appear before the senate.
Sen. Wadada stressed that failure to comply by the July 10 deadline would compel the committee to invoke its constitutional oversight powers, including potential contempt proceedings.
“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,” Wadada warned.
Red flags over non-appearance
Senators took turns criticising the NNPCL’s conduct, particularly the absence of its top executives from Thursday’s session. Sen. Peter Nwebonyi (APC, Ebonyi North), the Senate Deputy Chief Whip and SPAC member, described the delay request as a red flag.
“This two-month delay request suggests to me that there are no answers. But in fairness, we are granting them 10 working days. On July 10, the GCEO must appear in person. No excuses,” he said.
Multi-agency oversight: EFCC, ICPC, NFIU, DSS involved
The senate also confirmed that representatives from key anti-corruption and intelligence agencies – Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU), and the Department of State Services (DSS), are now embedded in the ongoing investigation.
Sen. Wadada noted that their presence was necessary to safeguard the integrity of the audit process and ensure any findings are enforceable and legally traceable.
