NNPCL Faces Senate Deadline Over N210 Trillion Audit Queries

The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to financial audit queries spanning six years.

These queries stem from audit reports covering the period from 2017 to 2023, which indicate that approximately N210 trillion remains unaccounted for in the company’s financial records.

According to a report from the News Agency of Nigeria (NAN), the Senate Committee emphasized that the queried amount was neither declared missing nor misappropriated.

Instead, the committee asserted that the funds are simply yet to be accounted for properly within NNPCL’s financial documentation.

Committee Chairman Senator Ahmed Wadada issued the directive following the appearance of NNPCL’s Group Chief Executive Officer, Mr. Bayo Ojulari.

Ojulari offered a formal apology for his previous absences from the committee’s hearings.

In response to Ojulari’s request for additional time to examine the technical aspects and provide comprehensive answers to the 19 audit queries raised, the committee agreed to grant him three weeks, though he initially requested four.

“I appreciate the importance of this national task, and I now see things differently based on your explanation,” said Ojulari during the hearing.

“To give accurate responses, I need to thoroughly understand the issues.

“I will set up a dedicated team and collaborate with external auditors and other relevant stakeholders to reconcile the details and provide the necessary answers.”

While acknowledging the significance of the queries, Senator Wadada explained that the N210 trillion in question is divided into two broad categories.

These categories are liabilities totaling N103 trillion and assets valued at N107 trillion.

He emphasized that these figures are not mere speculation but were extracted from the audited financial statements of the NNPCL by the Auditor-General of the Federation.

“These questions didn’t originate from us as legislators, nor from the executive or judiciary,” Wadada clarified.

“They are legitimate concerns arising from the company’s audited records, and as part of our constitutional duty, we are obligated to investigate them thoroughly.”

The committee expects NNPCL to submit detailed written responses to all 19 queries within the agreed timeframe.

Once the responses are submitted, the GCEO and other members of the company’s management will be required to appear before the committee in person to defend their submissions.

Ahead of this ruling, several committee members stressed the gravity of the situation and underscored the need for financial transparency within the NNPCL.

Senator Victor Umeh of Anambra State expressed satisfaction at finally meeting with the NNPCL leadership.

Umeh stated that the company holds the key to Nigeria’s economic well-being and must be forthright in its dealings.

“We are glad you’re here today,” Umeh said.

“What we require is full transparency.

“NNPCL is central to Nigeria’s economic future, and clarity in its operations is non-negotiable.”

Senator Babangida Hussaini of Jigawa State also highlighted the importance of addressing the queries.

He noted that corporate governance demands consistency and accountability across successive administrations.

“These are not trivial matters; they are critical to the integrity of public financial management,” he noted.

Adding to the discussion, Representative Tony Nwoye from Anambra State advocated for a balanced and fair hearing.

He suggested the possibility that the audit reports might contain inaccuracies.

Nwoye also stressed the importance of allowing NNPCL the opportunity to clarify the issues raised.

“Let’s not rush to conclusions.

“It’s only fair that NNPCL is given the chance to explain, as some elements of the audit may not fully reflect the reality,” Nwoye stated.

With the clock now ticking on the three-week deadline, all eyes are on NNPCL to deliver transparent, verifiable, and comprehensive explanations to the concerns raised.

The outcome of this process is likely to play a significant role in shaping public trust in the company’s operations and the government’s broader commitment to fiscal accountability.

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