Nigeria’s Senate has issued a fresh ultimatum to the Nigerian National Petroleum Company (NNPC) Limited, demanding explanations over massive financial discrepancies amounting to N210 trillion ($150bn) flagged in its audited accounts.
The Senate Committee on Public Accounts on Thursday ordered the state-owned oil giant’s management to appear before it no later than April 29, intensifying scrutiny over the company’s financial transparency and accountability.
The directive follows earlier concerns raised by lawmakers over inconsistencies in NNPC’s audited financial statements spanning 2017 to 2023. The figures, described by officials as “liabilities and expenses,” have triggered alarm within the National Assembly, given their scale and potential implications for Nigeria’s public finances.
In March, the committee had summoned former Group Chief Executive Officer Mele Kyari to provide clarifications on the discrepancies. However, the latest move broadens the probe, placing the current management under pressure to account for the contested figures within a tight timeframe.
Lawmakers say the investigation is part of ongoing efforts to strengthen oversight of public institutions and ensure fiscal discipline, particularly in the oil sector, which remains Nigeria’s primary source of revenue.
Analysts warn that the outcome of the probe could have far-reaching consequences for investor confidence and public trust in NNPC, which was commercialised in 2022 as part of broader reforms aimed at improving efficiency and governance.
NNPC has yet to publicly respond to the Senate’s latest directive.
