The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to 19 audit queries relating to N210 trillion in unaccounted funds covering the financial years 2017 to 2023.
The audit queries, according to the News Agency of Nigeria (NAN), stem from reports issued by the Auditor-General of the Federation, highlighting discrepancies involving N103 trillion in liabilities and N107 trillion in assets.
Chairman of the committee, Senator Ahmed Wadada, clarified that the sum in question was neither stolen nor missing, but simply unaccounted for, and must be addressed in accordance with the committee’s constitutional mandate.
The resolution followed an appearance by the Group Chief Executive Officer (GCEO) of NNPCL, Bayo Ojulari, who tendered an apology for previously missing scheduled sessions with the committee. Ojulari requested more time to thoroughly examine the technical details of the audit queries.
“I’m just over 100 days into office as GCEO,” Ojulari told the lawmakers. “This is coming in the midst of major national assignments. I need time to understand and reconcile the details. I will engage external auditors and form a team to provide the needed responses.”
Although the NNPCL boss requested four weeks, the committee granted a three-week window, emphasizing the urgency and seriousness of the matter.
Senator Wadada explained that the queries were not politically motivated or externally instigated but were directly extracted from NNPCL’s audited financial statements by the Auditor-General.
“None of the 18 or 19 questions originated from us, the executive, or the judiciary. They are from the Auditor-General’s audited reports,” Wadada said.
“This committee has never alleged that the N210 trillion was stolen. Our goal is to ensure transparency through due investigation.”
The committee stressed that written responses must be submitted within the allotted period, after which Ojulari and other top management officials will be invited to appear in person for a formal defence.
Senators Call for Transparency and Accountability
Members of the committee emphasized the importance of transparency in the handling of public resources, particularly by a company as strategic as NNPCL.
Senator Victor Umeh (Anambra) said:
“We are happy to finally engage with you. NNPCL holds the keys to Nigeria’s economic future, and transparency is non-negotiable.”
Senator Babangida Hussaini (Jigawa) added:
“The issues are critical, and governance is a continuum. NNPCL must look into the concerns raised and respond appropriately.”
Senator Tony Nwoye (Anambra) also emphasized the need for a fair and thorough process:
“It’s crucial to give NNPCL the opportunity to clarify matters. There’s also a chance that the audit report may need further interpretation.”
The committee reaffirmed its commitment to upholding accountability and urged NNPCL to treat the matter with the urgency and seriousness it deserves.
