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Senate Gives NNPCL 21 Days to Explain N210tr Financial Discrepancies
The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) 21 days to provide detailed explanations on financial discrepancies totaling N210 trillion, even as its Group Chief Executive Officer (GCEO), Bayo Ojulari, pleaded for more time to respond adequately.
Appearing before the committee on Tuesday in response to an earlier summons, Ojulari stated that he required more time to properly study and understand the issues flagged in the company’s audited financial statements covering the period from 2017 to 2023.
“I have been in office for barely 100 days and I need time to fully understand the issues. Given the explanation I’ve heard today, my perspective has changed,” the NNPCL chief said.
“I need to carry out further internal review and reconciliation to provide the answers the committee requires’. He pledged to assemble a team to work on the queries.”
The financial concerns revolve around N103 trillion in liabilities and N107 trillion in assets, figures that lawmakers described as troubling and largely unsubstantiated.
The Chairman of the Committee, Senator Aliyu Wadada, said that the figures raised red flags.
“The amount is mind-boggling. The liability figure cannot be substantiated and is therefore not acceptable to this committee. Even the receivables making up the asset component cannot be verified,” the senator said.
According to Wadada, the N210 trillion in question was extracted directly from NNPCL’s audited financial statements and the company is expected to provide concrete explanations for both its liabilities and assets.
Some lawmakers also expressed dissatisfaction with the company’s posture, accusing NNPCL of showing disregard for the committee. They argued that the NNPCL boss’s plea for more time was not sufficient and questioned why the CEO appeared to be unfamiliar with the details despite sending representatives to earlier hearings.
Following an appeal from the CEO, the committee directed the NNPCL to return with a comprehensive and reconciled response within 21 days.
British Prime Minister and Labour Party leader Keir Starmer on Monday announced his resignation, bringing an abrupt end to a premiership that began with Labour’s landslide general election victory in July 2024.
Starmer made the announcement in a statement outside 10 Downing Street, where he reflected on his time in office and defended his record in government.
“Every decision I have made has been about putting the country I love first,” Starmer said as he confirmed he would step down as both prime minister and leader of the governing Labour Party.
The resignation marks a dramatic political development in the United Kingdom, coming barely two years after Starmer led Labour back to power following more than a decade in opposition.
His departure is expected to trigger a swift leadership transition within the party at a time of heightened political uncertainty.
Addressing supporters gathered outside Downing Street, Starmer described entering No. 10 in 2024 as “the proudest moment” of his life, saying he entered politics with the goal of improving the lives of millions of people.
The outgoing prime minister also highlighted what he considered some of his key achievements, including rebuilding the Labour Party after years of internal divisions and restoring public confidence in the party’s economic and national security credentials.
Starmer said he inherited a Labour Party that was “politically, financially and morally bankrupt” and faced repeated predictions that it was finished as a political force.
He argued that his leadership helped transform the party, including efforts to tackle anti-Semitism and reposition Labour as a credible alternative government.
His resignation has immediately intensified speculation over his successor. Attention has turned to Andy Burnham, who recently won the Makerfield by-election and is due to be sworn in as a Member of Parliament.
Political observers and Labour insiders believe Burnham could emerge as the overwhelming favourite to take over the party leadership. Some party members are already discussing the possibility of a “coronation” process in which Burnham becomes the sole candidate, avoiding a prolonged leadership contest.
If that scenario unfolds, Labour could have a new leader and prime minister in place by September, around the time of the party’s annual conference.
The Independent National Electoral Commission (INEC) has declared the All Progressives Congress (APC) candidate, Biodun Oyebanji, winner of the 2026 Ekiti State governorship election.
Oyebanji secured a landslide victory, polling 319,224 votes to defeat his closest challenger, the Peoples Democratic Party (PDP) candidate, Dr. Wole Oluyede, who garnered 40,543 votes. The African Democratic Congress (ADC) candidate, Dare Bejide, came a distant third with 12,872 votes.
The election, held across all 16 local government areas of the state, was overshadowed by reports of irregularities and widespread allegations of vote buying, drawing strong condemnation from observers.
The official results were announced on Sunday morning by the Chief Returning Officer, Professor Adenike Oladiji, who declared Oyebanji duly elected after meeting the constitutional requirements.
In her declaration, Professor Oladiji stated: “I, Professor Adenike Oladiji, hereby certify that I am the Returning Officer for the Ekiti State Governorship Election held on June 20, 2026, and that the election was conducted in compliance with the provisions of the law. Biodun Abayomi Oyebanji of the All Progressives Congress, having satisfied the requirements of the law and scored the highest number of valid votes cast, is hereby declared the winner and returned elected.”
Source: Reuters
