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Senate Gives NNPCL Three Weeks to Address ₦210 Trillion Audit Queries

The Senate, through its Committee on Public Accounts, has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to audit queries involving an unaccounted sum of ₦210 trillion from financial statements spanning 2017 to 2023.

Chairman of the Committee, Senator Ahmed Aliyu Wadada (Nasarawa West), emphasised during Tuesday’s session that the figure in question does not imply that the funds were stolen or missing.

He clarified that the amount reflects discrepancies in liabilities and assets that require proper documentation and explanation.

“We have not, at any point, stated that the ₦210 trillion is stolen or missing.
The audit queries are derived directly from the Auditor-General’s review of NNPCL’s accounts, and as a Senate Committee, it is our constitutional responsibility to scrutinise such issues,” Senator Wadada said.

Appearing before the committee for the first time, NNPCL’s Group Chief Executive Officer (GCEO), Engr. Bayo Ojulari, appealed for more time to address the 19 audit queries raised.

“I’ve just crossed 100 days in office as GCEO. Given the technical depth of the queries and new perspectives provided today, I need time to investigate thoroughly and coordinate a team, including external auditors, to ensure our responses are comprehensive and accurate.
You need to understand the issues yourself so that I can respond appropriately. We will assemble a team and ensure that the details are properly reconciled, allowing us to provide answers to the queries,” he stated.

“In doing this, I will surely engage the external auditors and other relevant groups,” he added.

Although Ojulari requested four weeks, the committee granted him three weeks, which he accepted as sufficient to deliver the expected response from NNPCL.

Senator Wadada, explaining the details of the queries, said the ₦210 trillion unaccounted for is broadly categorised into ₦103 trillion in liabilities and ₦107 trillion in assets, both of which must be accounted for.

“There are none out of the 18 or 19 questions we have on NNPCL that originated from us as a committee, nor did it come from the executive or judiciary. They are questions extracted from the audited financial statement of the NNPCL by the Auditor-General covering 2017 to 2023.

Also, this committee has not at any time said the ₦210 trillion in question, as far as the queries are concerned, was stolen or missing. The committee is conducting a required investigation into the queries raised in the report, in line with its constitutional mandate.

Therefore, the committee is giving NNPCL three weeks to forward written responses on all 19 queries. After that, the GCEO will be invited along with other management staff for a physical appearance and defence,” he said.

Before the Chairman’s ruling, members of the committee highlighted the seriousness of the matter while expressing optimism in Ojulari’s ability to provide clarity.

Senator Victor Umeh (Anambra Central) said:

“We are happy to have you because we have been waiting for you. One thing that must be stated clearly is that we need transparency, and NNPCL has Nigeria’s economic prosperity.”

Senator Babangida Hussaini (Jigawa North West) added:

“The NNPCL management team should address the issues raised, as governance is a continuum.”

Senator Tony Nwoye (Anambra North) stated:

“It is essential and germane to give them (NNPCL) a fair hearing. Maybe the audited report is not correct.”

Ojulari Apologises for Ignoring Previous Summons
Ojulari, who has served just over 100 days in office, appeared before the committee after previously failing to honour its invitations. He offered a formal apology for his absence and reiterated the complexity of the issues involved.

While he originally requested four weeks, the committee granted three weeks, which he accepted as adequate to respond comprehensively to all audit concerns raised.

By Haruna Yakubu Haruna