Senate Issues 10-Day Ultimatum To NNPCL Over ₦200trn Unaccounted Funds.
The Nigerian Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to account for ₦200 trillion in unaccounted funds, following discrepancies identified in the company’s financial records from 2017 to 2023. The directive, announced during a plenary session on Wednesday, comes amidst ongoing investigations into the state-owned oil giant, with the Senate’s Ad-Hoc Committee on Financial Oversight leading the probe.
The committee, chaired by Senator Jarigbe Agom Jarigbe, representing Cross River North, highlighted significant gaps in NNPCL’s audited reports, describing the unaccounted funds as a critical issue threatening Nigeria’s economic stability. “The scale of these discrepancies is staggering and demands immediate clarification,” Jarigbe stated, emphasising the need for transparency in the management of public resources.
It should be noted that Mele Kyari, the former Group Chief Executive Officer (GCEO) of NNPCL, was sacked by President Bola Tinubu on 2 April 2025, alongside the dissolution of the NNPCL board. Kyari, who had led the company since 2019, was replaced by Bayo Ojulari as the new GCEO. The Senate’s ultimatum is directed at the current NNPCL leadership under Ojulari, as the probe focuses on financial irregularities during Kyari’s tenure and beyond.
The Economic and Financial Crimes Commission (EFCC) has also been investigating Kyari and other former senior NNPCL officials for alleged misappropriation of funds, including $1.56 billion for the Port Harcourt refinery, $740.6 million for the Kaduna refinery, and $656.9 million for the Warri refinery. While reports of Kyari’s arrest by the EFCC surfaced, he has publicly denied these claims, describing them as “clear mischief” and asserting his readiness to account for his stewardship.
The Senate’s probe has sparked public debate, with posts on X reflecting widespread frustration over NNPCL’s lack of accountability. Some users have called for swift action against those responsible, while others question whether the new leadership under Ojulari will deliver meaningful reforms. The committee has urged NNPCL to provide a comprehensive report within the 10-day period, warning that failure to comply could lead to further legislative measures.
As Nigeria grapples with economic challenges, the outcome of this investigation is expected to have significant implications for the oil sector’s transparency and the nation’s fiscal health. The public awaits NNPCL’s response to determine whether the new management can restore confidence in the country’s most vital industry.
