The Senate Committee on Public Accounts has ordered the Nigerian National Petroleum Company Limited (NNPCL) to respond to queries of #210 trillion raised against it within three weeks.
The queries against the NNPCL were in connection with audit reports from 2017 to 2023, alleging unaccountability of #210 trillion.
The committee, chaired by Sen. 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 NNPCL, Bayo Ojulari, after accepting his apology for past failed appearances before it.
Ojulari, after apologising to the committee, explained to its members that he needed more time to thoroughly address the 19 queries raised, as a satisfactory response required him to delve into the technicalities and perspectives of the issues.
“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 amid 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. We will assemble a team and request that you properly reconcile the details so we can address the queries.
“In doing this, I will surely engage the external auditors and other relevant groups,” he said.
Though he requested four weeks, the committee granted him three weeks, which, according to it, is enough for the response expected from NNPCL.
Explaining the nitty-gritty of the queries to the NNPCL GCEO, Wadada said that 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.
“There is none out of the 18 or 19 questions we have on NNPCL from us as a committee, nor 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 a 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,” he said.
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.
Sen. Victor Umeh (Anambra) said: “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 has Nigeria’s economic prosperity.”
Sen. Babangida Hussaini (Jigawa), in his comments, said there was a need for the NNPCL management team to look into the issues raised since governance is a continuum.
“The issues are germane and critical,” he said.
Another member of the committee, Sen. Tony Nwoye (Anambra), said: “It is essential and germane to give them (NNPCL) a fair hearing. Maybe the audited report is not correct.”
