By Ono Yima
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 over unaccounted transactions totalling N210 trillion between 2017 and 2023.
Committee Chairman, Senator Ahmed Wadada, clarified that the sum was neither “stolen” nor “missing,” but remained unaccounted for in the company’s audited financial statements as flagged by the Auditor-General of the Federation. He explained that the figure comprised N103 trillion in liabilities and N107 trillion in assets, both of which must be reconciled and explained.
Appearing before the committee on Thursday, NNPCL’s Group Chief Executive Officer, Bayo Ojulari, apologised for failing to honour earlier invitations and pleaded for more time to study the issues. “I’m just over 100 days in the office as the GCEO of NNPCL,” he said. “I need to understand the issues myself so I can respond appropriately. I will engage external auditors and relevant teams to ensure proper reconciliation.”
Although Ojulari requested four weeks to prepare a comprehensive response, the committee reduced the timeframe to three weeks, stressing the urgency and national importance of the matter. Wadada said the company would be invited for a physical defence session after submitting its written responses.
Senator Victor Umeh (Anambra) underscored the need for transparency in the operations of NNPCL, describing the company as “in possession of Nigeria’s economic prosperity.” Senator Babangida Hussaini (Jigawa) urged the management to treat the queries seriously, noting that “governance is a continuum.” Senator Tony Nwoye (Anambra) added that the audit report must be scrutinised to ensure fairness.
The committee emphasised that its investigation is purely in line with constitutional oversight duties and is not driven by allegations of fraud. It expects the NNPCL’s written explanation within the stipulated timeframe, after which the matter will be subjected to open deliberation.