Senate Committee Receives NNPCL’s Explanations on Missing ₦210tn

The Senate has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted detailed responses to 19 audit queries concerning an alleged ₦210 trillion unaccounted fund, covering its operations between 2017 and 2023.

The disclosure was made by the Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada (Nasarawa West), while addressing journalists on Wednesday in Abuja.

According to Wadada, the NNPCL management had earlier written to the committee during the National Assembly’s recess to seek an extension of time to compile its financial data and respond comprehensively to the queries.

“The management of NNPCL wrote to the committee during the recess, requesting more time to compile data and respond comprehensively to our questions. We granted the extension,” the senator explained.
“They have now responded to all 19 queries, but the report is yet to be presented before the full committee.”

The queries stemmed from discrepancies identified in the audited financial statements of the national oil company, which the Senate had previously described as “lacking transparency and accountability.”

Don’t miss out on any real-time information. Join our WhatsApp group to stay updated.

CLICK HERE TO JOIN

Wadada assured Nigerians that the committee would conduct a thorough and unbiased review of the company’s responses before making any conclusions public.

“I have refrained from making any public statement on the matter until the committee has formally reviewed the report. But as I promised earlier, we will do justice to the matter,” he said.

He added that the Senate would ensure due diligence in examining the figures and explanations provided by the NNPCL before submitting its report to the National Assembly.

The committee chairman also disclosed that fresh concerns had emerged regarding NNPCL’s operations, particularly its Production Sharing Contracts (PSCs) and the financial performance of NNPC Retail, a subsidiary of the national oil company.

“We’ve been told NNPC Retail is running at a loss, which is very concerning. We find it hard to understand how a retail arm of the national oil company would operate at a loss in today’s market environment,” Wadada said.

“This, too, will be examined.”

The Senate Committee on Public Accounts had, on July 29, issued a three-week ultimatum to the NNPCL Group Chief Executive Officer, Engr. Bayo Ojulari, to explain the alleged financial discrepancies amounting to ₦210 trillion uncovered in the company’s audit reports.

The audit queries reportedly span issues such as unremitted revenues, discrepancies in joint venture operations, and inconsistencies in subsidy claims during the period under review.

Wadada reiterated the Senate’s commitment to transparency and accountability in its oversight of government agencies, assuring Nigerians that the committee’s findings would be made public once the review process is completed.

“We will not conceal anything from Nigerians. Once the committee has reviewed the responses, our findings will be presented openly. The goal is to ensure accountability in the management of public resources,” he said.