The Senate Committee on Public Accounts has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer Bayo Ojulari to respond to 11 critical financial queries related to discrepancies in its audited financial statements, warning that failure to comply could attract serious constitutional consequences.

The committee, chaired by Senator Aliyu Wadada, had days ago expressed dissatisfaction over what it described as mind-boggling and unacceptable, financial irregularities uncovered in NNPCL’s books, including over 200 trillion naira in unexplained receivables and undocumented legal and audit fees spanning the years 2017 to 2023.

The ultimatum, which will expire on July 10, comes after NNPCL on Thursday formally requested a two-month extension to respond to the queries, a request the committee flatly rejected.

Wadada said, “It is unacceptable. We have given them 10 working days. This committee will not tolerate delay tactics in matters concerning public funds.”

The lawmaker warned that should the NNPCL boss fail to respond, the Senate would be compelled to invoke its constitutional oversight powers.

“Any attempt to disregard this committee’s directive will amount to contempt of the Senate. We are here to protect public funds, and we will not be deterred,” he said.

He also lamented the absence of NNPCL’s external auditors at the hearing, underscoring the need for transparency and accountability.

The session was attended by representatives from the Economic and Financial Crimes Commission (EFCC), the Nigeria Financial Intelligence Unit (NFIU), the Department of States Services (DSS) and other key stakeholders who served as witnesses to the proceedings.