Senate turns heat on NNPCL over N210tr audit mess
*Demands GMD’s appearance as hidden profits, dubious figures rattle confidence
• House seeks probe into alleged N50b corruption, asset stripping in NPF
Nigerian National Petroleum Company Limited (NNPCL) has come under intense fire as the Senate’s Public Accounts Committee issued a 10-day ultimatum for the company to explain the over N210 trillion in audit discrepancies, described by lawmakers as potentially the most alarming financial irregularities in the nation’s petroleum history.
It gave the Group Managing Director (GMD) till July 10, 2025, to appear before it and respond to all outstanding issues.
Relatedly, the House of Representatives called for an immediate and comprehensive investigation into the Nigeria Police Force (NPF) following allegations of corruption, illegal asset sales and contract fraud amounting to over N50 billion.
The Senate panel had given seven days’ grace for the NNPCL management and auditors to provide answers to 11 audit queries.
It’s a fresh warning following a heated session yesterday, during which NNPCL requested a two-month postponement to respond to 11 unresolved audit queries.
In a letter dated June 24, 2025, NNPCL requested postponement, citing the need to “collate requested information and documentation” and the absence of board and senior management members. But the senators were unimpressed.
In a pointed rebuke, Committee Chairman, Aliyu Wadada (SDP, Nasarawa West) described the delay as unacceptable and indicative of either institutional unpreparedness or deliberate evasion.
“For a corporate body like NNPCL to ask for two months to respond to queries that originated from its own books is not only irresponsible but suspicious,” Wadada said. “This committee is giving NNPCL until July 10, 2025, to appear, with the GMD present in person to respond to all outstanding issues. No excuses will be entertained.”
Failure to comply, the committee warned, would amount to contempt of the Senate and may trigger the invocation of constitutional powers to compel attendance and enforce accountability.
However, Vice Chairman of the Committee, Peter Nwaebonyi, in frustration, remarked: “This two-month delay request tells us one thing: NNPCL doesn’t have answers. But we will wait 10 days. On July 10, the GMD must come in person and come clean.”
With public funds, investor confidence and national accountability hanging in the balance, the July 10 hearing is now shaping up as a watershed; one that could define the transparency credentials of both NNPCL and the administration under which it operates.
The resolution of the House to probe the NPF followed the adoption of a motion of urgent public importance at yesterday’s plenary, co-sponsored by Ibe Osunwa, Mark Esset and Jafaru Leko.
Raising the motion, Osunwa decried the “systemic rot” within NPF, warning that unchecked abuse of office, financial misconduct and asset stripping pose a serious threat to Nigeria’s national security and public trust.
He cited investigative reports, including findings by Peoples Gazette, which alleged that the Police Procurement Department split a N6 billion uniform contract into 66 smaller deals to evade the Public Procurement Act, 2007.
Even more troubling, lawmakers said, was the reported illegal sale of strategic national assets, including Garki Barracks (Abuja), Falomo Barracks (Lagos) and Bompai Barracks (Kano) to private individuals linked to Exima Realty Limited, without required approvals from the Infrastructure Concession Regulatory Commission (ICRC), the Ministry of Police Affairs or the Federal Executive Council (FEC).
“This is not just a breach of financial procedures; it is a direct sabotage of our national security architecture,” Esset said. “If barracks meant to house our security personnel are sold off without due process, where then lies our preparedness to fight crime?”
The lawmakers also accused the NPF of awarding billions of naira in fraudulent contracts under the 2024 budget to companies such as Dexterity Development, KC Construction and Strong Tower Infrastructure Development, without proper procurement vetting, BPP no-objection certificates, or ministerial approval.
Of equal concern is the alleged diversion of N2.9 billion earmarked for the Safe School Initiative to Vigiscope, a company reportedly lacking statutory certifications, including a mandatory NITDA certificate for ICT-related contracts.
(The Guardian)
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