Senate Demands Answers From NNPCL Over N210trn Audit Queries

The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) three weeks to respond to audit queries involving N210 trillion in unaccounted funds from 2017 to 2023.

Committee chairman Senator Ahmed Wadada issued the directive on Tuesday during a session with NNPCL’s Group Chief Executive Officer, Bayo Ojulari. He clarified that the sum was not being declared stolen or missing, but the company must provide full explanations in line with recommendations from the Auditor-General of the Federation.

“This committee has not at any point said the N210 trillion was stolen or missing,” Wadada said. “We are simply investigating queries raised in official reports as part of our constitutional oversight duties.”

Ojulari, who was appearing before the panel for the first time after previous absences, asked for more time to review the concerns. He said he had spent just over 100 days in office and needed to engage external auditors to fully understand the technical aspects.

“Your explanation has given me a new perspective,” Ojulari told the committee. “We will reconcile the details and respond appropriately.”

Though he requested four weeks, the committee insisted on a three-week deadline and demanded written responses to all 19 audit queries. A physical appearance by the NNPCL management is expected after the submissions.

The audit questions involve N103 trillion in liabilities and N107 trillion in assets, and were extracted directly from NNPCL’s audited financial statements by the Auditor-General, not generated by the Senate.

Senators on the panel urged transparency. Senator Victor Umeh said NNPCL must be open, stressing that the company holds the key to the country’s economic future. Senator Babangida Hussaini added that the matter must be addressed properly, since “governance is a continuum.”