N210trn Audit: Senate Gives NNPCL April 29 Deadline

The Senate, on Wednesday, through its Committee on Public Accounts, set April 29 as the deadline for the management of the Nigerian National Petroleum Company Limited (NNPCL) to appear before it and account for the yet-to-be-explained N210 trillion contained in audit reports from 2017 to 2023.

The committee specifically directed that the Group Chief Executive Officer (GCEO) of NNPCL, Engineer Bayo Ojulari, appear alongside the immediate past GCEO, Mele Kyari; former Chief Financial Officer, Umar Ajia; Dr Bala Wunti; and the external auditors of the national oil company on the said date without fail.

The resolution of the committee followed a motion moved by Senator Osita Izunaso (Imo West) and seconded by Senator Adams Oshiomhole (Edo North).

On the strength of the resolution, the Chairman of the committee, Senator Aliyu Wadada (Nasarawa West), emphasised that the unaccounted N210 trillion, as contained in the audit reports, must be fully explained by the management of the company, particularly the immediate past leadership led by Mele Kyari.

According to him, the explanations provided by NNPCL on the 19 audit queries were unacceptable, stressing that Nigerians are entitled to clear, convincing, and detailed disclosures.

“This committee, and by extension the Senate, is not satisfied with the blanket explanation given by NNPCL on N103 trillion, which it said represents liabilities, because liabilities consist of three components: retention fees, legal fees, and audit fees.

“The specific amounts spent on each of these components must be clearly stated and explained.

“Detailed explanations are also expected on the N107 trillion, which NNPCL claimed was expended on JV cash calls and part of the money allegedly owed by some defunct banks, whose names were not mentioned.

“Consequently, it is hereby resolved that NNPCL is given an additional two weeks to appear before this committee without fail. The deadline for compliance is Wednesday, April 29, 2026,” he said.

Earlier, a member of the committee, Senator Abdul Ningi (Bauchi Central), called for the invocation of the powers of the National Assembly to compel the appearance of NNPCL management, citing repeated failures to honour invitations.

“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.