The Nigerian National Petroleum Company Limited (NNPCL) has once again come under public scrutiny following its failure to honour an invitation from the Senate Committee on Public Accounts investigating financial discrepancies amounting to a staggering N210 trillion, reportedly uncovered in its audited financial reports spanning 2017 to 2023.
Despite a formal summons, the NNPCL failed to send any representative, including members of its management team or external auditors, to appear before the committee. This absence has sparked concerns over transparency and accountability in the management of public funds within one of the nation’s most strategic government-owned enterprises.
According to details emerging from the Senate Committee on Public Accounts, the investigation is centered on several inconsistencies and alleged infractions discovered in the company’s financial statements over a six-year period. These discrepancies reportedly touch on revenue remittances, crude oil lifting data, and unexplained expenditures that have triggered significant red flags within Nigeria’s legislative oversight framework.
The committee, chaired by Senator Aliyu Wadada, had scheduled the investigative session as part of its constitutional duty to scrutinize the accounts of federal agencies in line with the provisions of Sections 85, 88, and 89 of the 1999 Constitution (as amended), which empower the National Assembly to conduct investigations into how public funds are utilized.
Sources within the committee disclosed that repeated attempts to get the NNPCL to appear have been ignored, raising suspicions that the company may be deliberately evading scrutiny. The lawmakers expressed strong dissatisfaction over the refusal of the NNPCL to engage with the Senate’s probe, especially given the weight of the figures in question and their potential implications for Nigeria’s already fragile economy.
It would be recalled that in previous public hearings, the NNPCL had been queried over discrepancies in crude oil revenue remittances to the Federation Account, failure to submit audited accounts within the statutory timeframe, and opacity surrounding contracts and subsidy payments during the audited period.
Critics have argued that NNPCL’s transition from a wholly government-funded corporation to a limited liability company under the Petroleum Industry Act (PIA) of 2021 should not exempt it from public accountability, especially in matters involving public funds. The company remains wholly owned by the Federal Government and is expected to operate under commercial principles, while still subject to legislative and financial oversight.
The Senate Committee has vowed not to let the matter rest, with Senator Wadada reaffirming the committee’s commitment to ensuring all government agencies, regardless of their status or influence, are held accountable in line with constitutional provisions.
At the time of this report, there has been no official statement from the NNPCL regarding its absence or any commitment to appear before the committee in the future.
