The Senate Committee on Public Accounts has issued a 10-day ultimatum to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, to provide explanations on 11 serious financial discrepancies found in the company’s audited statements.

 

The committee, chaired by Senator Aliyu Wadada, made it clear that failure to comply with the directive could trigger grave constitutional consequences.

 

The financial queries, spanning the years 2017 to 2023, include over ₦200 trillion in unexplained receivables and undocumented expenditures on legal and audit fees, which the Senate described as “mind-boggling” and “unacceptable.”

 

The NNPCL had, on Thursday, requested a two-month extension to address the queries, but the Senate Committee rejected the request, insisting on a 10-working-day deadline that expires on July 10.

 

“This committee will not tolerate delay tactics on matters involving public funds,” Senator Wadada declared. “The request for extension is unacceptable.”

 

He further warned that any attempt by NNPCL to flout the committee’s directive would be viewed as contempt of the Senate.

 

“We are empowered by the Constitution to carry out oversight, and we will not hesitate to invoke those powers if this directive is ignored,” he stated firmly.

 

The committee reaffirmed its commitment to protecting public resources and ensuring accountability in the management of national assets.