Senate gives NNPC three weeks to explain N210trn audit queries

The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company (NNPC) Limited three weeks to respond to queries raised against it.

The queries against the NNPCL were in connection with audit reports from 2017 to 2023, alleging unaccountability of N210 trillion.

The committee, chaired by Senator Ahmed Wadada, insisted that the amount in question was neither stolen nor missing, but yet to be accounted for.

The three-week window for explanations was given to the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, after accepting his apology for past failed appearances before it.

Ojulari had, after his apology to the committee, explained to its members that for a satisfactory response from him on the 19 queries raised, he needed more time to dig into the technicalities and perspectives of the issues raised.

Ojulari said: “I’m just over 100 days in the office as the GCEO of NNPCL. I still need time to do further digging, given the perspectives I have heard now on the issues.

“This is coming in the midst of a huge national assignment; your explanation now changes my perspective about the issues.

“I need to understand the issues myself so I can respond appropriately. 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.”

Though he requested four weeks, the committee granted him three weeks, which, according to it, is enough for the response expected from NNPC Limited.

Explaining the nitty-gritty of the queries to the NNPCL GCEO, Wadada said the N210 trillion unaccounted for was broadly in two components of N103 trillion liabilities and N107 trillion assets, which, he said, must be accounted for.

Wadada stated: “There is none out of the 18 or 19 questions we have on NNPCL from us as a committee, neither did it come from the executive or the judiciary.

“They are questions extracted from the audited financial statement of the NNPCL by the auditor-general covering 2017 to 2023.

“Also, this committee had not, at any time, said the N210 trillion in question, as far as the queries are concerned, was stolen or missing.

“What the committee is doing is required investigation on queries raised in the report, in line with its constitutional mandate.

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

Before the ruling of the chairman, virtually all members of the committee had spoken on the seriousness of the issues at stake, but expressed optimism that the GCEO would clear the air on those issues.