The Senate Committee on Public Accounts (SPAC) has issued a stringent 10-working-day ultimatum to the Nigerian National Petroleum Company Limited (NNPC Ltd), demanding a comprehensive explanation for N210 trillion in alleged discrepancies and unaccounted funds within its audited financial statements spanning from 2017 to 2023. This directive, issued by Committee Chairperson Senator Aliyu Wadada (SDP, Nasarawa West) during a meeting at the National Assembly, underscores the lawmakers' profound frustration with NNPC Ltd's perceived evasiveness and persistent lack of cooperation in ongoing probes.

The ultimatum was necessitated by NNPC Ltd's repeated failure to honor prior invitations and address critical financial entries flagged in its accounts. Earlier, the committee had granted the company a seven-day period to respond to queries regarding suspicious expenditures and significant gaps in financial reporting, an deadline that expired without compliance. Instead of appearing, NNPC submitted a letter requesting a 20-day, or in another instance, a two-month extension, citing an ongoing retreat for senior executives and the need to gather documentation. The committee vehemently rejected these requests, deeming them “unacceptable and suspicious,” and firmly reaffirmed the 10-day deadline, now set for July 10, 2025.

Senator Wadada stressed that the audit questions were not new but derived directly from NNPC's own financial records. He warned that failure to comply would be considered contempt of the National Assembly, compelling the committee to invoke its constitutional powers, which could include issuing warrants for the arrest of top officials or escalating the matter to the plenary for Senate action. This pattern of non-compliance is not isolated, as other government agencies, including the Federal Inland Revenue Service (FIRS), Nigeria Police Force, and Nigeria Immigration Service, have similarly failed to account for missing funds in past audit reports, leading to stalled probes and a lack of accountability.

At the heart of the controversy are staggering inconsistencies in NNPC's financial books. One glaring example is the report of a subsidiary, National Petroleum Investment Management Services (NAPIMS), declaring a profit of N9 trillion between 2017 and 2021, while NNPC as a whole recorded a loss of N16 billion during the same period. Additionally, the company listed accrued expenses totaling N103 trillion, including over N600 billion in retention fees without traceable contract references, and vague legal and auditor fees lacking detailed justifications. Further compounding the issue are receivables also amounting to N103 trillion. The Senate committee highlighted that NNPC submitted a fresh document just before the latest session began, presenting data inconsistent with previously audited financial statements, raising serious concerns about the credibility and accuracy of the company’s financial reporting.

Senator Wadada expressed alarm over the “mind-boggling” and “scary” magnitude of these figures, emphasizing the critical need for financial transparency, especially under President Bola Tinubu's Renewed Hope Agenda, which prioritizes fiscal responsibility. The absence of NNPC’s external auditors from the hearing further heightened the Senate's concerns about the integrity of the company’s audit process. Representatives from key anti-corruption and financial oversight agencies, including the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU), and Department of State Services (DSS), were present and will remain actively involved in the investigation to ensure a comprehensive and transparent process.

NNPC officials, led by Chief Financial Officer Mr. Dapo Segun, have previously defended the company's position, asserting that the discrepancies were due to ongoing reconciliation efforts and promising corrected financial records. However, this explanation has not assuaged the lawmakers' concerns. As public attention intensifies, the upcoming appearance by NNPC is expected to be a pivotal moment in the scrutiny of Nigeria’s oil sector. The outcome will have far-reaching implications for financial accountability, the management of public funds, and investor confidence in the nation's petroleum industry, with Senator Wadada asserting, “The Nigerian people deserve to know the truth behind these figures.”