The Senate has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to audit queries involving an unresolved N210 trillion in its financial records from 2017 to 2023.
The directive was issued by the Senate Committee on Public Accounts during a session on Tuesday, chaired by Senator Ahmed Wadada (Nasarawa West), after the committee met with NNPCL’s new Group Chief Executive Officer (GCEO), Bayo Ojulari.
Senator Wadada clarified that the amount in question is not missing or stolen but consists of unaccounted entries in the company’s audited financial statements. According to him, the sum includes N107 trillion in assets and N103 trillion in liabilities that need to be properly reconciled.
“These 19 audit queries were raised by the Office of the Auditor-General, not by the executive or the judiciary,” Wadada noted.
Ojulari, appearing before the committee for the first time since assuming office over 100 days ago, apologized for missing previous invitations and requested more time to address the issues. He promised to set up a team and engage external auditors to respond to the queries.
“Your explanations have shifted my perspective,” Ojulari told the committee. “We will work thoroughly and respond accordingly.”
While Ojulari requested four weeks, the committee gave him three weeks to return with a detailed report and defend the company’s financial position.
Several senators stressed the importance of transparency and accountability in the handling of public funds.
Senator Victor Umeh (Anambra Central) said, “NNPC holds the key to Nigeria’s economic prosperity.”
Senator Babangida Hussaini (Jigawa North West) added, “Governance is a continuum. The current management must take responsibility.”
Senator Tony Nwoye (Anambra North) emphasized the need for a fair hearing, stating, “The committee must give NNPCL the chance to clarify or contest the audit findings.”
The committee expects NNPCL’s full response in writing before the three-week deadline lapses.
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