The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to audit queries concerning ₦210 trillion in unaccounted funds within 2017-2023.
This directive was issued to Engr. Bayo Ojulari, the Group Chief Executive Officer (GCEO) of NNPCL, during a hearing in Abuja on Tuesday.
The Senate is investigating findings in official audit reports detailing alleged irregularities in the company’s financial statements, including ₦103 trillion in liabilities and ₦107 trillion in assets yet to be reconciled.
The ₦210 trillion in questioned funds cover both assets and liabilities between 2017 and 2023. A total of 19 audit queries were raised to this effect. Responding to the queries, GCEO Ojulari requested four weeks, but was granted three weeks by the Senate.
The GCEO is expected to submit written responses, after which physical appearance with key management will follow.Ojulari, who assumed office just over 100 days ago, apologized for not honoring previous invitations and requested more time to analyze the issues, stating:
“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 regarding the issues. This is coming in the midst of 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. I will get a team and get the details properly reconciled so we can work to provide answers to the queries. In doing this, I will surely engage the external auditors and other relevant groups,” he said.
Senator Ahmed Wadada Aliyu, Chairman of the Committee, clarified the purpose of the inquiry, stating that the senate has not declared the money missing or stolen, but unaccounted for.
“This committee has never said the ₦210 trillion was stolen or missing. We are simply carrying out our constitutional responsibility of financial oversight.”
He added that failure to respond adequately within the given timeline will lead to further action, including summoning the full management of the NNPCL for a more rigorous defense.
