Senate Orders NNPCL Boss to Appear July 10 Over Missing N210 Trillion, Threatens Arrest Warrant

Senate Committee on Public Accounts has summoned Bayo Ojulari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), to appear before it on July 10, 2025. The committee warned that failure to honour the invitation may compel it to issue a warrant of arrest against the NNPCL boss.

The directive followed the failure of NNPCL officials to appear before the committee on Friday, despite previous engagements to answer questions concerning a whopping ₦210 trillion allegedly unaccounted for in the company’s books between 2017 and 2023.

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NNPCL Skips Appearance, Requests Extension

At a session in Abuja, chaired by Senator Ahmed Wadada, the committee expressed disappointment after receiving only a letter requesting a two-month extension. The letter, signed by Adedapo Segun on behalf of the GCEO and read by Committee Clerk Sani Abdullahi, sought more time for the company to prepare a “detailed response” to the queries raised.

Senator Wadada rejected the request outright, stating that the committee expected live responses to 11 audit questions previously posed to NNPCL representatives. “We were not expecting documents today. We were expecting the GCEO or his representatives to come and respond directly to serious audit allegations,” Wadada emphasized.

Audit Query: ₦210 Trillion in Questionable Records

At the centre of the controversy is a disturbing audit report highlighting financial discrepancies totalling over ₦210 trillion in NNPCL’s operations over six years. These include irregular entries in accrued expenses and receivables, which the committee says are inconsistent, unexplained, and possibly indicative of mismanagement or deliberate cover-up.

Lawmakers, during a tense committee session earlier this month, described the discrepancies as “mind-boggling” and “a monumental red flag” in the management of public resources. They warned that such figures, left unchecked, undermine public confidence in the nation’s top revenue-generating institution.

The audit report had initially prompted the Senate to issue a one-week ultimatum to NNPCL to explain the inconsistencies—a deadline the company missed.

Senate Warns of Constitutional Consequences

Senator Wadada, visibly angered by the absence of NNPCL officials, said the committee would not tolerate any act that appears to undermine the authority of the National Assembly. He declared that Ojulari’s failure to appear on July 10 would trigger the use of constitutional instruments to compel compliance.

“The GCEO must appear before us. This is a matter of national accountability, and we will not be ignored,” Wadada said. “Ten working days have been given from today, and that window closes on July 10.”

He also noted that other agencies including the Federal Ministries of Solid Minerals, Finance, Steel Development, and the FCT High Court were also under scrutiny. Their failure to appear before the committee by Tuesday next week would prompt similar actions.

Wider Implications and Calls for Transparency

The Senate Committee’s firm stance is being widely interpreted as part of a broader move to strengthen fiscal oversight and institutional accountability, especially within the oil and gas sector, which has historically faced allegations of opacity.

Stakeholders are increasingly demanding that NNPCL—now a limited liability company—be held to the same standards as any public entity, especially as it remains a major revenue source for Nigeria.

Civil society organisations have also weighed in, urging President Bola Tinubu to support the Senate’s efforts in exposing financial misconduct. “It’s no longer acceptable for trillions to disappear under vague accounting practices,” said Moses Adebayo, an anti-corruption advocate with Public Interest Watch.

Political and Economic Ramifications

This confrontation comes at a time when Nigeria is grappling with economic challenges, including inflation, subsidy reforms, and declining investor confidence. The outcome of the Senate’s investigation could have far-reaching implications for Nigeria’s image in financial transparency and global accountability rankings.

While NNPCL has transitioned into a commercial entity following the enactment of the Petroleum Industry Act (PIA), lawmakers insist that public interest and national revenue concerns must remain paramount.

 High Stakes Ahead of July 10

As the July 10 deadline looms, pressure mounts on NNPCL to deliver transparent answers to the Senate’s queries. With a potential arrest warrant on the table, the coming days could prove critical in shaping how the company responds to increasing demands for openness.

The Senate’s uncompromising stance has sent a clear message: no institution is above public accountability. Whether NNPCL will cooperate or risk deeper institutional conflict remains to be seen.