Fresh concerns over financial accountability have gripped the nation’s oil and gas sector as the Nigerian Senate has issued a strict three-week ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to provide satisfactory explanations regarding staggering audit queries amounting to over N210 trillion. The development follows revelations contained in multiple audit reports that exposed financial discrepancies, unremitted revenues, and unexplained transactions allegedly linked to the operations of the state-owned oil giant.
During a high-stakes session, the Senate Committee on Public Accounts confronted NNPCL representatives over their continued failure to clarify audit questions raised by the Office of the Auditor-General of the Federation. Lawmakers expressed dismay that despite repeated invitations and reminders, the company had yet to present concrete responses to several critical financial issues flagged in the Auditor-General’s report, some dating back several years.
Chairman of the committee, Senator Aliyu Wadada, did not mince words, warning that the Senate would not hesitate to invoke constitutional powers if NNPCL fails to comply within the stipulated timeframe. He described the volume of funds in question, over N210 trillion, as “a matter of urgent national importance” that demands immediate attention, especially in a period of economic strain and public demand for transparency in the handling of national resources.
The audit queries span a wide range of issues, including allegations of non-remittance of proceeds from crude oil sales, unauthorized deductions, and irregularities in joint venture operations. While NNPCL has occasionally issued public statements defending its financial practices, it has yet to provide the Senate with documentary evidence to clear its name in the ongoing investigation.
Nigerians have long voiced concerns over the opacity surrounding the operations of NNPCL, particularly in relation to revenue generation and remittances to the Federation Account. The oil corporation, which was recently commercialised under the Petroleum Industry Act, is now expected to operate under increased scrutiny and with full corporate accountability.
The Senate’s latest directive underscores a broader push by the National Assembly to enforce fiscal discipline and restore public confidence in government institutions. As pressure mounts, the NNPCL has just 21 days to respond with full documentation and clarifications or face the consequences, which may include legislative sanctions or more probing investigations.
As the countdown begins, Nigerians await to see whether the leadership of NNPCL will rise to the occasion and address the allegations head-on, or whether the matter will escalate into another high-profile showdown between the Senate and the oil industry’s top management.
