NNPCL Given 21 Days by Senate to Explain N210 Trillion Audit Issues

The Nigerian National Petroleum Company Limited’s (NNPCL) management was once more questioned by the Senate on Tuesday on the whereabouts of N210 trillion that was recorded in the company’s ledger.

Through the Committee on Public Accounts, the red chamber gave the oil sector regulator three weeks to address questions posed about it in the 2017–2023 audit reports, which claimed N210 trillion in unaccountability.

Senator Ahmed Wadada Aliyu of Nasarawa West, the committee’s chair, insisted that the sum in question was neither stolen or missing but rather had not yet been accounted for.

After the committee accepted his apology for often missing meetings, NNPCL Group Chief Executive Officer Engineer Bayo Ojulari was granted a three-week opportunity for explanation.

After expressing regret to the committee, Ojulari informed its members that he required more time to thoroughly examine the nuances and viewpoints of the issues highlighted in order to provide a satisfactory response to the 19 questions posed.

“I’ve been the GCEO of NNPCL for just over a hundred days now. Your explanation has altered my perspective on the difficulties, but I still need time to do more research given the viewpoints I have heard thus far. This is happening as I am working on a significant national assignment.

“In order to react effectively, I must first comprehend the problems. We will assemble a team, so please ensure that the information is accurately recorded so that we can begin answering the questions.

“I will undoubtedly involve the external auditors and other pertinent groups in this process,” he declared.

The committee gave him three weeks, even though he asked for four, which he believes is sufficient for the response he expects from NNPCL.

Senator Wadada explained the specifics of the questions to the NNPCL GCEO, stating that the N210 trillion that needs to be accounted for is essentially divided into two parts: N107 trillion in assets and N103 trillion in liabilities.

None of the 18 or 19 queries we have on NNPCL were submitted by the committee, the executive branch, or the courts. The following are questions taken from the NNPCL’s 2017–2023 audited financial statements by the auditor general.

Furthermore, in regards to the questions, this committee has never claimed that the N210 trillion in question has been lost or stolen. The committee is carrying out its constitutional role by conducting the necessary inquiry into the issues brought up in the report.

The GCEO and other management personnel would next be asked for physical appearance and defense, he stated, “because the committee is giving NNPCL three weeks to submit written responses to it on all the 19 queries.”

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Nearly every committee member discussed the gravity of the issues at hand prior to the chairman’s decision, but they all expressed hope that the GCEO would clarify things for them.

Sen. Victor Umeh of Nambra Central specifically stated: “We have been waiting for you, so we are glad to see you here. It is imperative to make it obvious that NNPCL is in control of Nigeria’s economic success and that transparency is necessary.

Given that governance is a continuum, Senator Babangida Hussaini of Jigawa North West stated in his remarks that the NNPCL management team must investigate the concerns brought up, stating that “the issues are germane and critical.”

However, another committee member, Senator Tony Nwoye of Nambra North, stated: “Giving them (NNPCL) a fair hearing is crucial and pertinent.” Perhaps the audited report is inaccurate.