By Charles Chijioke
Nigeria’s Senate has raised fresh concerns over unresolved financial discrepancies totaling ₦210 trillion linked to the Nigerian National Petroleum Company Limited, insisting that its Group Chief Executive Officer must personally appear before lawmakers to provide explanations.
The development followed a session of the Senate Committee on Public Accounts, chaired by Aliyu Wadada, who criticized the repeated failure of the NNPCL chief to honour invitations regarding the ongoing probe. He described the consistent absence as unacceptable and warned against the practice of sending representatives instead of appearing in person.
Wadada stressed that communications on matters of such national importance must be formally signed and submitted ahead of scheduled hearings, not delivered at the last minute. While clarifying that the Senate has not accused the company of outright embezzlement, he noted that the inability to provide clear and verifiable explanations has raised serious accountability questions.
Lawmakers, including Adams Oshiomhole and Osita Ngwu, maintained that the committee would not bend its rules, emphasizing that chief executives must appear personally in high-level investigations. They cautioned that continued non-compliance could prompt the Senate to invoke its constitutional powers to compel attendance.
According to the committee, the probe stems from inconsistencies discovered in NNPCL’s audited financial records covering 2017 to 2022.
The figures under scrutiny include ₦103 trillion recorded as accrued liabilities tied to retention fees, legal costs, and audit obligations, which remain insufficiently explained. Another ₦107 trillion was listed as receivables, reportedly owed largely by unnamed defunct financial institutions, without adequate disclosure or supporting documentation.
The panel noted that the combined ₦210 trillion forms the core of its investigation, alongside an additional ₦5.8 billion reportedly spent during the transition from the defunct NNPC to the current NNPCL structure.
Reaffirming its commitment to transparency, Wadada said the committee expects detailed clarifications from both current and former management of the national oil firm before concluding its findings and submitting a report to the Senate.
Consequently, the committee has extended the deadline for the NNPCL GCEO to appear before it to May 13, 2026, urging full cooperation in the interest of public accountability.
The ongoing standoff underscores growing legislative pressure on key public institutions to account for financial records, amid wider concerns about governance, fiscal discipline, and public trust. Analysts warn that failure to resolve the discrepancies could deepen scrutiny of the oil sector and trigger broader institutional reforms or sanctions.
