The Senate’s probe into the financial activities of the Nigerian National Petroleum Company Limited (NNPCL) has taken a dramatic turn as the Committee on Public Accounts, led by Senator Aliyu Wadada, issued a fresh 10-working-day ultimatum to the oil giant over an alleged N210 trillion discrepancy in its audited financial statements.

The figures in question are: N103 trillion listed as “accrued expenses” and another N107 trillion as “receivables” were flagged during the committee’s review of the company’s records between 2017 and 2023.

The committee has demanded detailed explanations to justify these amounts or face the full constitutional weight of the Senate.

The committee’s concerns stem directly from NNPCL’s audited financial statements, already in the public domain. According to Wadada, the documents raise alarming questions about transparency and financial stewardship.

The report lists N103 trillion in accrued expenses covering retention fees, legal services, and audit costs without linking them to specific contracts or engagements. Retention fees alone stood at N600 billion, yet no supporting documentation was provided.

Even more troubling, a new document submitted to the committee shortly before last Thursday’s hearing contains contradictory figures on the N107 trillion listed as receivables.

“Ironically, the document NNPCL brought this afternoon is entirely inconsistent with the audited financial statement. It’s not just confusing, it’s insulting to the intelligence of the committee,” Wadada remarked.

One of the most glaring contradictions revealed during the probe is the disparity between profits and losses declared by the corporation and one of its subsidiaries. While the National Petroleum Investment Management Services (NAPIMS) reportedly made N9 trillion in profit between 2017 and 2021, NNPCL reported a loss of N16 billion during the same period.

However, behind the legislative muscle-flexing lies a quiet but significant race against time, one that could affect not just the outcome of this probe, but its very continuity.

t the heart of the controversy is NNPCL’s request for a two-month extension to respond to the Senate’s 11-point query.

The company, in a letter, attributed the delay to the absence of key executives, reportedly abroad. But the committee wasn’t buying it.

“This committee is not expecting any documents from the NNPCL. We were expecting answers to the 11 questions we asked them,” Senator Wadada fumed during last Thursday’s sitting.

“Why should a corporate body like the NNPCL request for two months to respond to queries that emanated from their own internal audit?”

Describing the request as “nonsense,” Wadada set a deadline, July 10.

A Matter of National Importance

Wadada warned that the discrepancies were not just accounting errors; they have broader implications for public finance, investor confidence, and Nigeria’s global image.

“In a country led by President Bola Tinubu, who is committed to changing the national narrative through the Renewed Hope Agenda, we cannot afford financial opacity,” he said.

The senator also questioned how a company planning an Initial Public Offering (IPO) could release contradictory audited statements.

“If reconciliation was not done, why did they sign off on the audited financials? These figures are already in the public domain and can impact investor confidence,” he cautioned.

According to him, failure to meet this deadline would trigger the Senate’s full investigative powers, including summons and potential sanctions.

What remains largely unknown to the public is that this battle over timelines is not just a bureaucratic back-and-forth. It is, in fact, deeply political.

Senator Wadada, who currently chairs the powerful Public Accounts Committee, is expected to defect from the Social Democratic Party (SDP) to the ruling All Progressives Congress (APC) in the coming weeks.

Once that happens, he will lose the chairmanship of the committee by Senate convention, the Public Accounts Committee must be chaired by a member of an opposition party.

This explains the urgency behind his stance. If the NNPCL succeeds in dragging its feet until after Wadada’s defection, he will no longer have the authority to steer the investigation or push for accountability and other benefits behind closed doors.

It’s a race he cannot afford to lose.

Political insiders suggest NNPCL is aware of this shift in parliamentary dynamics, perhaps why it requested a two-month grace period, which would conveniently outlive Wadada’s leadership.

As the deadline approaches, tensions are rising within and outside the National Assembly.

With the Senate committee demanding the personal appearance of NNPCL Group CEO, Bayo Ojulari, the next session on July 10 is expected to be explosive.

Yet, the clock may be working against Senator Wadada.

If he defects before the deadline or before the hearing concludes, the chairmanship of the committee will fall into other hands, likely derailing the investigation, weakening its force, and most importantly, losing a huge part of the benefit envisaged to come to the Senate after the NNPC finally speaks the closed-door language.

In the meantime, stakeholders are watching closely, wondering whether this will become yet another episode of institutional harassment followed by a prolonged silence, where the media and public never receive answers or learn the outcome of the case.

Whether this probe ends with clarity or fades into the usual political silence is a question only the coming days can answer. (BusinessDay)