By 𝔸bdulrazak Tomiwa

The Nigerian Senate has issued a final ultimatum to the NNPCL management, demanding they appear before the Public Accounts Committee by April 29, 2026. 

This summon addresses ₦210 trillion in financial discrepancies and liabilities identified in audit reports from 2017 to 2023. The Senate expressed frustration over the company’s repeated failure to provide clear accounts of its massive financial dealings.

The ₦210 trillion figure consists of ₦103 trillion in alleged liabilities and ₦107 trillion in Joint Venture (JV) cash calls. Senator Aliyu Wadada dismissed NNPCL’s “blanket explanations,” insisting on a specific breakdown of costs like legal and audit fees.

The committee maintains that these massive sums must be transparently justified rather than hidden under vague accounting headers.

Lawmakers are specifically demanding a detailed breakdown of the ₦107 trillion listed as JV cash calls. This includes identifying the defunct banks that NNPCL claims are still holding significant portions of these funds.

Without naming these institutions, the Senate argues there is no way to verify if the money is recoverable or lost to mismanagement.

To ensure compliance, the Senate directed current and former top officials, including Bayo Ojulari and Mele Kyari, to appear together. Former CFO Umar Ajia and former NAPIMS head Bala Wunti are also among those summoned. The committee warned that this is the final extension, and failure to meet the deadline will result in arrest warrants.

The probe also focused on production costs, with the committee directing NNPCL to refund costs charged against crude oil revenue.

Senator Wadada argued that since NNPC subsidiaries do not directly produce crude, they should not be deducting these costs from national revenue. This directive aims to ensure more funds are properly remitted to the federal treasury.

Senator Abdul Ningi emphasized that the legislature’s authority is being tested by the reluctance of high-ranking officials to honor invitations. He noted that such avoidance undermines Nigeria’s democracy and the public’s right to transparency. The Senate insists that as the manager of the nation’s vital resources, NNPCL must be held to the highest accountability standards.

As the April 29 deadline nears, the inquiry remains a critical test for President Tinubu’s “Renewed Hope Agenda” regarding financial probity. Lawmakers believe clarifying these “mind-boggling” figures is essential for securing the resources needed for the national budget.

The outcome is seen as vital for protecting the public interest and funding national infrastructure projects.