The Senate Committee on Public Accounts on Tuesday directed the Nigerian National Petroleum Company Limited (NNPCL) to provide detailed answers within three weeks to audit queries amounting to N210 trillion in its financial statements for 2017 to 2023.
Committee Chairman Senator Aliyu Wadada (Nasarawa West) clarified that the sum was neither declared missing nor stolen but remained unaccounted for in official records. The order was issued to NNPCL Group Chief Executive Officer Engineer Bayo Ojulari after the panel accepted his apology for earlier failing to appear before them.
Ojulari, who has been in office for just over 100 days, requested additional time to review the 19 queries raised in the Auditor-General’s report, citing the complexity of the issues.
“I’m still new in this role and need time to examine the matters thoroughly. This comes while I am managing other national responsibilities,” Ojulari said.
“I will assemble a team, work closely with external auditors and relevant units, and reconcile the details so that we can provide comprehensive responses.”
Although Ojulari initially asked for four weeks, the committee allowed three, which he accepted as sufficient. Wadada outlined that the N210 trillion in question comprised N103 trillion in liabilities and N107 trillion in assets, adding that every figure must be fully accounted for.
“These are not questions from us, the executive or the judiciary. They were extracted directly from NNPCL’s audited financial statements by the Auditor-General for 2017 to 2023,” Wadada explained.
“Our task is to investigate these issues as mandated by the Constitution. The company has three weeks to send in written responses, after which the GCEO and his management team will appear for a physical hearing.”
Committee members underscored the importance of transparency and accountability while expressing faith in the ability of the new NNPCL leadership to resolve the matters. Senator Victor Umeh (Anambra Central) welcomed Ojulari’s presence, stating, “We have been waiting for you. Transparency is critical, and NNPCL holds the keys to Nigeria’s economic prosperity.”
Senator Babangida Hussaini (Jigawa North West) added, “The issues are significant, and the current management must address them. Governance is a continuum.”
Senator Tony Nwoye (Anambra North) stressed fairness in the process, saying, “It is vital to grant them fair hearing. There’s a possibility that some findings in the audit may require clarification.”
The committee’s inquiry will continue as stakeholders await NNPCL’s submissions and subsequent public hearings.
