The Senate, on Tuesday, through its Committee on Public Accounts, gave the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to audit queries involving a staggering N210 trillion from reports covering 2017 to 2023.
The committee, chaired by Aliyu Wadada (Senator, Nasarawa West), clarified that the amount was neither declared missing nor stolen but remained unaccounted for in official records.
The Committee issued the directive to the Group Chief Executive Officer (GCEO) of NNPCL, Engineer Bayo Ojulari, after accepting his apology for previously failing to appear before the panel.
Ojulari, who has just spent barely 100 days in office, pleaded for additional time to respond effectively to the 19 queries raised in the audit report.
He stressed the complexity of the issues and the need for a detailed review.
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“I’m just over 100 days in office as the GCEO of NNPCL. I still need time to do further digging, given the perspectives I have heard now into the issues. This is coming in the midst of a huge national assignment,” he said.
“Your explanation now changes my perspective about the issues. I need to understand them myself so I can respond appropriately.
“I will get a team together, and please get the details properly reconciled so we can provide answers to the queries. In doing this, I will surely engage the external auditors and other relevant groups.”
Although Ojulari initially requested a four-week window, the committee granted him three weeks, which he accepted as sufficient to prepare a comprehensive response.
Wadada, while explaining the scope of the queries to the NNPCL boss, revealed that the N210 trillion in question comprises N103 trillion in liabilities and N107 trillion in assets.
He emphasised that these figures must be thoroughly accounted for.
“There are none of the 18 or 19 questions we have on NNPCL that came from us as a committee, nor from the executive or judiciary.
“They are questions extracted from the audited financial statements of the NNPCL by the Auditor-General, covering 2017 to 2023,” he explained.
“Also, this committee has never said that the N210 trillion in question was stolen or missing. What we are doing is a required investigation into queries raised in the audit report, in line with our constitutional mandate.
“Therefore, the Committee is giving NNPCL three weeks to forward written responses to all 19 queries. After that, the GCEO will be invited, along with other management staff, for physical appearance and defence.”
Earlier, several Committee members emphasised the seriousness of the audit queries but expressed confidence in the ability of the new NNPCL management to address the concerns.
Victor Umeh (Senator, Anambra Central) welcomed Ojulari’s presence and 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 is in possession of Nigeria’s economic prosperity.”
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Babangida Hussaini (Senator, Jigawa North West) added that the current leadership of the NNPCL must take responsibility for addressing the issues, noting, “The issues are germane and critical. Governance is a continuum.”
Tony Nwoye (Senator, Anambra North) stressed the importance of fairness in the process, “It is very important and germane to give them [NNPCL] fair hearing. Maybe the audited report is not correct.”
The Committee’s investigation continues as stakeholders await the outcome of the responses and subsequent public hearing.
