The Senate Committee on Public Accounts has granted the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to 19 audit queries arising from financial reports covering 2017 to 2023, which flagged unaccounted assets and liabilities totalling N210 trillion.
The committee, chaired by Senator Ahmed Wadada, clarified that the amount in question is not considered stolen or missing, but yet to be properly accounted for, as observed in reports from the Auditor-General of the Federation.
The decision followed an appearance by the Group Chief Executive Officer of NNPCL, Bayo Ojulari, who apologized for prior absences and appealed for more time to provide accurate responses.
“I’ve only spent just over 100 days in office as GCEO. I need more time to understand and reconcile the technical and financial details of these queries,” Ojulari said.
“Given the magnitude of the issues, I will engage external auditors and a dedicated team to prepare a comprehensive response.”
Though Ojulari requested four weeks, the committee granted three weeks, which it deemed sufficient for the expected documentation and clarifications.
N210 Trillion Under Review
Senator Wadada explained that the queried amount comprises N103 trillion in liabilities and N107 trillion in assets, all drawn from audited financial statements of NNPCL and not from any third-party allegations.
“None of these 19 questions originated from the legislature, executive, or judiciary,” Wadada said.
“They are directly extracted from the audited reports of NNPCL by the Auditor-General’s office, and as a committee, we are constitutionally mandated to investigate them.”
He further assured that the committee is not accusing NNPCL of fraud but is carrying out its oversight duty to ensure fiscal accountability and transparency.
The committee stated that following the submission of the written responses, Ojulari and other members of the NNPCL management would be invited for physical appearance and defence of their submissions.
Lawmakers Emphasize Importance of Transparency
Other senators on the committee expressed confidence in Ojulari’s leadership and urged NNPCL to take the process seriously.
Senator Victor Umeh (Anambra) remarked,
“We are happy to finally engage with you. Transparency is key, and NNPCL holds the levers of Nigeria’s economic future.”
Senator Babangida Hussaini (Jigawa) noted the importance of continuity in addressing legacy issues:
“Governance is a continuum. The issues raised are critical and must be addressed.”
Senator Tony Nwoye (Anambra) stressed the need for due process:
“It’s only fair to give NNPCL the opportunity to respond. Perhaps the audit reports themselves require clarification.”
The committee’s ruling underscores the Senate’s push for financial transparency and accountability in the management of the nation’s most strategic asset — its petroleum resources.
