Senate Gives NNPCL 3wks To Answer Queries On Unaccounted N210tr

The Senate, through its Committee on Public Accounts, has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to queries raised in the audit reports covering 2017 to 2023, concerning an unaccounted sum of N210 trillion.

Chairman of the Committee, Senator Ahmed Wadada Aliyu (Nasarawa West), clarified that the amount in question was neither missing nor stolen but required thorough reconciliation and accountability.

The ultimatum was issued following the appearance of NNPCL’s Group Chief Executive Officer (GCEO), Engineer Bayo Ojulari, who apologized for his previous absence and requested time to address the 19 queries raised in the report.

Ojulari told the committee that he needed more time to delve into the technical aspects of the audit observations, citing his relatively short tenure—just over 100 days as GCEO.

“I need a better understanding of these issues to give accurate and comprehensive responses. What I have heard today gives me a different perspective. I’ll assemble a team, engage the external auditors, and ensure the queries are properly addressed,” Ojulari said.

Though he asked for four weeks, the committee granted him three, which he acknowledged as sufficient for providing the required responses.

Explaining the details, Senator Wadada said the N210 trillion under scrutiny consists of N103 trillion in liabilities and N107 trillion in assets, all of which must be properly accounted for.

“These queries are not from the executive or the judiciary; they are drawn from the audited financial statements of the NNPCL as examined by the Auditor-General. This committee has never claimed that the funds are missing or stolen. We are simply carrying out our constitutional oversight function by investigating the audit queries,” he stated.

Wadada further emphasized that after the written responses are submitted, Ojulari and other key NNPCL officials would be invited for a physical appearance to defend their submissions.

During the session, committee members stressed the importance of transparency and accountability.

Senator Victor Umeh (Anambra Central) noted: “We’re pleased to have you here. What we seek is transparency, because NNPCL holds the key to Nigeria’s economic stability.”

Senator Babangida Hussaini (Jigawa North West) urged the NNPCL team to approach the matter seriously, noting that public sector governance is a continuous process. “These issues are critical and must be addressed responsibly,” he said.

In a similar vein, Senator Tony Nwoye (Anambra North) advocated for fairness, suggesting that some of the audit findings might be flawed. “It’s crucial to give NNPCL a fair hearing.

There’s a possibility that some aspects of the report may not be accurate,” he remarked.

The committee is expected to reconvene after the three-week window to receive and evaluate NNPCL’s written responses.

James Itodo, Edited By Grace Namiji