The Nigerian National Petroleum Company Limited (NNPCL) has submitted formal responses to 19 audit queries raised by the Senate Committee on Public Accounts, addressing issues surrounding the alleged N210 trillion unaccounted funds between 2017 and 2023.
The committee’s chairman, Senator Aliyu Wadada, confirmed in Abuja that NNPCL had provided comprehensive written responses to the questions raised in the audit reports covering the seven-year period. He stated that while the documents had been received, the committee had yet to review them thoroughly.
Wadada explained that NNPCL had earlier requested an extension of three weeks to compile the necessary documentation after the committee’s July 29 deadline. The extension, he said, was granted to ensure that the company could offer detailed and evidence-based answers to the queries.
“NNPCL has now submitted all responses to the 19 audit questions. However, the committee has not yet deliberated on the content,” the senator said. “As chairman, I will refrain from public commentary until the findings are presented before members for official consideration.”
He assured Nigerians that the committee would conduct an objective and transparent review of NNPCL’s responses before making its findings public.
Wadada also noted that the committee’s investigation had expanded beyond financial audits to include other operational issues, particularly production sharing contracts (PSCs) between Nigeria, NNPCL, and international oil companies (IOCs).
“We must clarify how production costs are shared — what goes to NNPCL, to the IOCs, and what returns to the government,” Wadada explained. “Transparency in these contracts is critical to public accountability.”
He further revealed that NNPCL Retail, the company’s downstream subsidiary, reportedly declared a financial loss, a matter the committee intends to probe further.
“It’s difficult to understand how NNPCL Retail could post a loss, given its operations. We will seek clarifications when the company appears before us,” he added.
According to the Senate, Nigerians will be informed of the committee’s conclusions once deliberations are complete, with full transparency on which of NNPCL’s explanations hold merit.
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