Tensions escalated at the National Assembly on Thursday as the Senate Public Accounts Committee (SPAC) issued a stern ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over what it described as N210 trillion in unresolved financial discrepancies.
The lawmakers have demanded that NNPCL’s Group Chief Executive Officer, Bayo Ojulari, appear before them to explain the inconsistencies or face arrest, prosecution, and public censure.
Chairman of the Committee, Senator Aliyu Wadada, decried NNPCL’s repeated failure to honour invitations, describing the company’s actions as “an affront to legislative authority” and a “deliberate attempt to evade accountability.”
“We are not begging. The invitation extended to the NNPCL CEO was mandatory, not optional. If anyone believes they are above the law, they may consider relocating,” Wadada said firmly.
N210 Trillion in Question
The committee is probing NNPCL’s audited financial statements, which reflect N210 trillion in assets and liabilities that lawmakers say are unsubstantiated and poorly documented.
According to Wadada, NNPCL reported N103 trillion in accrued expenses, despite only N3 to N5 trillion appearing in its profit and loss account. He stressed that while no allegations of theft had been made, clarity and documentation are essential.
“The figures lack coherence. The documents submitted don’t reconcile liabilities with assets, and until they do, the N210 trillion remains under scrutiny,” he said.
Senate Warns of Consequences
The Senate emphasized its constitutional right—under Sections 88 and 89 of the 1999 Constitution—to summon and compel appearances, including through arrest warrants if necessary.
Senator Kaka Shehu Lawan (SAN), representing Borno Central, echoed this sentiment, calling NNPCL’s behaviour “a slap in the face of Nigerians.”
“This is not just about numbers. It’s about respect for democratic institutions and accountability to the Nigerian people,” Lawan said.
Lawmakers expressed additional frustration that Ojulari had failed to appear personally, instead sending subordinates who were not authorised to provide the required clarifications.
Next Steps
The committee has ordered that NNPCL’s next appearance must be led by the Group CEO himself, with the date to be communicated soon. Failure to appear may lead to the Senate invoking its coercive powers, including possible arrest warrants.
As public scrutiny of NNPCL continues to intensify, the Senate’s action may represent a critical turning point in efforts to restore transparency and public trust in the operations of the nation’s most important economic institution.
