“We’ll not tolerate delay tactics,” Senate gives NNPC 10-day ultimatum to address N210trn discrepancies in financial statement

The senate committee on public accounts has given the Nigerian National Petroleum Company (NNPC) Limited a 10-day ultimatum to address queries concerning discrepancies in its audited financial statements.

The ultimatum was issued to Bayo Ojulari, NNPC’s group chief executive officer (GCEO), following the company’s failure to appear at the committee’s sitting on Thursday.

On June 19, the committee launched an investigation into the national oil firm over discrepancies totalling N210 trillion in the company’s audited financial statements.

On Thursday, the NNPC sent a formal request to the committee for a two-month extension to respond to the queries.

However, the committee, chaired by Aliyu Wadada, refused the request and issued the ultimatum, which expires on July 10.

The committee said the ultimatum must be adhered to or serious constitutional consequences would follow.

“It is unacceptable,” Wadada said, responding to the extension request.

“We have given them 10 working days. This committee will not tolerate delay tactics in matters concerning public funds.”

The lawmaker warned that if the NNPC boss fails to comply, the senate would be compelled to invoke its constitutional oversight powers.

“Any attempt to disregard this committee’s directive will amount to contempt of the Senate. We are here to protect public funds, and we will not be deterred,” he said.

Wadada also criticised the absence of NNPC’s external auditors at the hearing, stressing the importance of transparency and accountability.