The NNPCL in showdown over financial discrepancy is no longer just a headline; it’s a high-stakes clash entangled in politics, timing, and power, as Senator Aliyu Wadada races to extract answers before he’s forced to relinquish control of the probe.
A political storm brews in Nigeria’s Senate as Senator, chair of the Public Accounts Committee, Aliyu Wadada, gives the Nigerian National Petroleum Company Limited (NNPCL) a 10-day ultimatum to explain a ₦210 trillion discrepancy in its audited financials.
Specifically, the committee flagged ₦103 trillion in “accrued expenses”—including ₦600 billion in undocumented retention fees—and ₦107 trillion in “receivables” that contradict figures in newly submitted records.
Wadada directly accused the NNPCL of insulting the Senate’s intelligence, especially after the company’s figures clashed with reports from its subsidiary, NAPIMS, which claimed ₦9 trillion in profit during the same period the NNPCL declared a ₦16 billion loss.
Meanwhile, the NNPCL asked for a two-month extension, blaming the absence of key executives who are at the moment abroad.
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Wadada rejected the excuse outright, calling it “nonsense” and stressing that the company must answer the Senate’s 11-point query by July 10, or face full legislative powers, including summons and sanctions.
Political Countdown
Behind the urgency lies a political clock.
Wadada plans to defect to the ruling APC, which—by Senate rules—will cost him his chairmanship.
Therefore, if the NNPCL manages to delay beyond his defection, it could derail the investigation entirely.
Consequently, the Senate has summoned the NNPCL Group CEO, Bayo Ojulari, to appear in person on July 10.
That session could mark a turning point.
However, if Wadada loses his position beforehand, the investigation may lose momentum—risking yet another unresolved scandal.
Ultimately, this probe will reveal whether the government truly upholds its transparency promises under the Renewed Hope Agenda.
