The Senate Committee on Public Accounts has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Bayo Ojulari to respond to 11 critical financial queries related to discrepancies in its audited financial statements, warning that failure to comply could attract serious constitutional consequences.
Recall that the committee, chaired by Senator Aliyu Wadada, had, a few days ago, expressed dissatisfaction over the financial irregularities uncovered in NNPCL’s books including over 200 trillion naira in unexplained receivables and undocumented legal and audit fees spanning 2017 to 2023.
The ultimatum, which will expire on July 10, followed the NNPCL request for a two-month extension to respond to the queries, a request the committee rejected.
The lawmaker warned that should the NNPCL boss fail to respond, the Senate would be compelled to invoke its constitutional oversight powers. Wadada also lamented the absence of NNPCL’s external auditors at the hearing, underscoring the need for transparency and accountability.
The session was attended by representatives from the Economic and Financial Crimes Commission (EFCC), the Nigerian Financial Intelligence Unit (NFIU), the Department of State Services (DSS), and other key stakeholders, who served as witnesses to the proceedings.