442
By Lizzy Chirkpi
The Senate has summoned the management of the Nigerian National Petroleum Company Limited (NNPCL) to explain the whereabouts of a staggering N210 trillion in unaccounted funds, raising fresh concerns over financial transparency in the nation’s oil sector.
The red chamber, through its Committee on Public Accounts, chaired by Senator Ahmed Wadada Aliyu (Nasarawa West), issued the demand on Tuesday and gave the NNPCL management three weeks to submit written responses to 19 audit queries stemming from the 2017 to 2023 financial statements.
According to the committee, the amount in question is made up of N103 trillion in liabilities and N107 trillion in assets, as extracted from reports by the Office of the Auditor-General for the Federation. The committee emphasized that the funds are not presumed stolen or missing but remain unaccounted for within the corporation’s financial records.
“There are none out of the 18 or 19 questions we have on NNPCL that came from us as a committee, neither did it come 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,” Senator Wadada explained.
“Also, this committee had not at any time said the N210 trillion in question has been stolen or is missing. What the committee is doing is a required investigation on queries raised in the report, in line with its constitutional mandate,” he added.
The committee’s resolution followed an appearance by the Group Chief Executive Officer (GCEO) of NNPCL, Engr. Bayo Ojulari, who apologized for previously failing to honor several invitations by the Senate panel. Ojulari, who has been in office for just over 100 days, appealed for more time to respond to the complex audit queries.
“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, and your explanation now changes my perspective about the issues,” Ojulari told the committee.
“I need to understand the issues myself so I can respond appropriately. I will get a team and please get the details properly reconciled so we can work to provide answers to the queries. In doing this, I will surely engage the external auditors and other relevant groups,” he added.
While Ojulari initially requested four weeks, the Senate committee approved a three-week deadline, after which he and other top NNPCL officials are expected to appear in person to defend their responses.
Members of the committee raised eyebrows over the financial discrepancies. Senator Victor Umeh (Anambra Central, APGA) noted: “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.”
Senator Babangida Hussaini (Jigawa North West) added:
“There is need for the NNPCL management team to look into the issues raised since governance is a continuum. The issues are germane and critical.”
On his part, Senator Tony Nwoye (Anambra North) urged caution, stating:
“It is very important and germane to give them (NNPCL) fair hearing. Maybe the audited report is not correct.”
The NNPCL, which has faced repeated accusations from the National Assembly over non-remittance of revenue to the Federation Account, is once again under the spotlight as the Senate seeks to determine the financial health and accountability of Nigeria’s most strategic revenue-generating agency.