The Nigerian Senate has escalated its oversight of the Nigerian National Petroleum Company Limited (NNPCL), summoning top management and former executives to appear before the Senate Committee on Public Accounts on Tuesday, April 29, 2026, to account for an alleged ₦210 trillion in unaccounted funds spanning audit years 2017 to 2023.
The committee directed the current Group Chief Executive Officer, Bayo Ojulari, to appear alongside immediate past GCEO Mele Kyari, former Chief Financial Officer Umar Ajia, Bala Wunti, and the company’s external auditors.
Senators emphasized that the summons must be obeyed without fail, reflecting mounting frustration over previous delays and unsatisfactory responses.
The resolution was moved by Senator Osita Izunaso and seconded by Senator Adams Oshiomhole, underscoring cross-party consensus on the need for accountability in the nation’s oil sector.
Senator Aliyu Wadada, Chairman of the Public Accounts Committee, described the earlier explanations submitted by NNPCL as inadequate and lacking transparency.
He particularly faulted the company’s claim that ₦103 trillion represented liabilities, insisting these must be itemized with specific details such as retention fees, legal fees, and audit fees.
Wadada also rejected NNPCL’s attribution of the remaining ₦107 trillion to Joint Venture Cash Call obligations and debts supposedly owed by unnamed defunct banks, describing such responses as too vague for public funds of this magnitude.
“We cannot accept blanket responses on issues affecting public funds,” Wadada said, adding that Nigerians deserve clear, verifiable, and detailed explanations.
Committee member Senator Abdul Ningi called for firmer measures, including the possible use of the Senate’s constitutional powers to compel attendance if necessary.
He warned that continued disregard for legislative summons by public officials threatens the authority of the National Assembly and public trust in democratic institutions.
After deliberations, the committee granted the NNPCL an additional two weeks to prepare, setting April 29 as the firm deadline for appearance.
The outcome of the probe is expected to have significant implications for governance and accountability in Nigeria’s critical oil industry.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com