The Nigerian Senate has issued a stern one-week ultimatum to the Nigerian National Petroleum Company Limited (NNPCL), demanding explanations for financial discrepancies totaling over ₦210 trillion in its audited financial statements spanning from 2017 to 2023.

This development came during a heated session of the Senate Committee on Public Accounts, where top NNPCL executives, led by the Chief Financial Officer, Mr. Adedapo Olusegun, appeared for questioning.

Committee Chairman, Senator Aliyu Wadada, expressed strong dissatisfaction over the inconsistencies, particularly in accrued expenses, describing them as “unacceptable.”

GALAXY TV reports that among the flagged items in the reports were ₦600 billion in retention fees, legal charges, and auditor costs allegedly incurred without proper contracts or documentation.

Reacting to the allegations, NNPCL CFO Mr. Adedapo Olusegun appealed for time, noting that he had only recently assumed the role and needed to review the issues thoroughly.

The Senate Committee has now given NNPCL a one-week deadline to submit written responses to 11 critical queries. Senator Wadada stressed that the investigation is not a witch-hunt, but a constitutional responsibility to ensure accountability and protect public funds.