Senate Gives NNPCL 3 Weeks To Clarify N210trn Financial Irregularities

The Senate, through its Committee on Public Accounts, on Tuesday gave the Nigerian National Petroleum Company Limited (NNPCL) three weeks to respond to queries raised in the audit reports covering 2017 to 2023, which allege unaccounted funds totalling N210 trillion.

The committee, chaired by Senator Aliyu Wadada (Nasarawa West), emphasised that the amount in question was neither stolen nor missing, but yet to be accounted for. Engineer Bayo Ojulari, the group chief executive officer of NNPCL, was granted the three-week deadline after the committee accepted his apology for his previous failure to appear before it.

Following his apology, Ojulari explained to committee members that he required more time to adequately address the 19 queries raised, as they involved technical details and varying perspectives.

“I’m just over 100 days into office as the GCEO of NNPCL. I still need time to dig deeper into the technical aspects of these issues. The perspective you’ve just shared changes how I see them.

“I need to understand the matters thoroughly so I can respond appropriately. I will assemble a team and ensure the details are properly reconciled so we can provide comprehensive answers to the queries.

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“In doing so, I will engage external auditors and other relevant stakeholders,” he said.
Though Ojulari requested four weeks, the committee granted him three, which he acknowledged would be sufficient to prepare the responses.

Explaining the details of the queries to the NNPCL GCEO, Senator Wadada said the N210 trillion in question consists broadly of N103 trillion in liabilities and N107 trillion in assets, both of which must be properly accounted for.

“None of the 18 or 19 questions we have for NNPCL came from the committee members themselves, nor from the executive or judiciary. These questions were extracted from the audited financial statements of the NNPCL by the Auditor-General, covering the years 2017 to 2023.

“Also, this committee has never at any time stated that the N210 trillion was stolen or missing. What we are doing is conducting the necessary investigations in line with our constitutional mandate.

“Therefore, the committee is giving NNPCL three weeks to submit written responses to all 19 queries. After that, the GCEO and other members of management will be invited for a physical appearance and defence,” he said.

Earlier, before the Chairman’s ruling, nearly all committee members emphasised the seriousness of the issues but expressed confidence that the GCEO would provide clarity.

Specifically, Senator Victor Umeh (Anambra Central) stated: “We are happy to finally have you here, as we’ve been waiting. One thing that must be emphasised is the need for transparency. NNPCL holds the key to Nigeria’s economic prosperity.”

Senator Babangida Hussaini (Jigawa North West), in his remarks, stressed the need for the NNPCL management to examine the raised issues thoroughly, noting that “governance is a continuum. The issues are germane and critical.”

Senator Tony Nwoye (Anambra North), another committee member, added: “It is very important and germane to give NNPCL a fair hearing. Maybe the audit report is not entirely accurate.”