*Senate issues 10-day ultimatum to NNPCL officials to appear before it
*Senate is probing alleged financial discrepancies amounting to N210trn
*It insists that NNPCL officials are not supposed to submit docs, but appear in person
*That it’s unacceptable for an institution like NNPCL to request for 2 months respond to an audit query
By Our Correspondent with agency report
Nigerian National Petroleum Company Limited on Thursday failed to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ₦210 trillion in its audited reports from 2017 to 2023.
Despite being summoned, no officials or external auditors from NNPCL showed up.
However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.
In response to NNPCL’s absence, the committee issued a 10-day ultimatum, demanding the company’s top executives appear before the panel by July 10 or face constitutional sanctions.
A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.
It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.
The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.
Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.
“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”
But lawmakers rejected the request.
The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.
An institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated. “If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers.”
Other lawmakers echoed similar frustrations.
Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.
End
Tinubu signs Tax Reform bills into law
Agency report
President Bola Ahmed Tinubu has signed the four tax reform bills into law.
President Tinubu signed the law in his office at the State House, Abuja, on Thursday, in the presence of relevant stakeholders from across the arms of government.
The presidential assent was witnessed by the Senate President, Speaker of the House of Representatives, Senate Majority Leader, House Majority Leader, chairman of the Senate Committee on Finance, and his House counterpart.
The Chairman of the Governors Forum, Abdulrahman Abdulrazaq of Kwara State; the Chairman of the Progressives Governors Forum, Hope Uzodinma of Imo State; the Minister of Finance and Coordination Minister of the Economy, Wale Edun; and the Attorney General of the Federation, Lateef Fagbemi, were also at the ceremony.
The new laws include the Nigerian Tax Law, the Nigerian Tax Administration Law, the National Revenue Service (Establishment) Law and the Joint Revenue Board (Establishment) Law.
Earlier on Thursday, President Tinubu had explained that the laws would be unifying Nigeria’s fragmented tax system, removing redundant overlaps, boosting investor confidence, enhancing transparency, and promoting coordinated efforts across all levels.
He also described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses, and low-income earners while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.
On his verified X handle @officialABAT, the President had said that the new tax laws form the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.
“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser-focused on unlocking opportunities for all.”
The Nigerian Leader explained that with the new tax reform laws, the Bola Tinubu-led Administration is now laying the foundation for a tax regime that is fair, transparent and fit for a modern, ambitious Nigeria.
“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.
“For too long, our tax system has been a patchwork-complex, inequitable, and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.
“We are laying a foundation for a tax regime that is fair, transparent and fit for a modern, ambitious Nigeria. A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity”, he said.
