JUST IN: Finally, NNPCL GCEO appears before senate, gets 3-week ultimatum to explain N210trn ‘inconsistency’

NNPC says its profit increased by 40% to N1.05trn in month of May.

The senate committee on public accounts has given the management Nigerian National Petroleum Company Limited (NNPCL) three weeks to respond to queries raised in audit reports covering 2017 to 2023 over unaccounted funds totalling N210 trillion.

Ahmed Wadada, chairman of the committee, issued the directive on Tuesday during a session with Bayo Ojulari, the group chief executive officer (GCEO) of the NNPCL.

Wadada clarified that the amount was not considered missing or stolen but must be accounted for in line with the recommendations of the office of the auditor-general.

“This committee had not at any time said the N210 trillion in question, as far as the queries are concerned, was stolen or missing,” the lawmaker said.

“What the committee is doing is requiring investigation on queries raised in the report in line with its constitutional mandate.”

OJULARI SEEKS TIME, PLEDGES COOPERATION

Ojulari, who appeared before the committee after multiple failed invitations, apologised for his past absence.

The NNPCL GCEO requested more time to properly examine the issues raised, noting that he had only spent just over 100 days in office.

“I’m just over 100 days in the office as GCEO of NNPCL,” he said.

“I need more time to dig into the technicalities and perspectives of the issues. Your explanation has provided me with a new perspective on the issues.

“I will engage the external auditors and other relevant groups so we can reconcile the details and respond appropriately.”

Although Ojulari requested four weeks, the committee gave him three weeks to forward written responses to all 19 audit queries.

SENATORS SEEK TRANSPARENCY, FAIR HEARING

Wadada said the committee would invite him and other members of the NNPCL management for a physical appearance afterward.

He explained that the audit queries centred on two major components—N103 trillion in liabilities and N107 trillion in assets—which must be clarified.

“These questions did not originate from the senate or any arm of government. They were extracted from the audited financial statement of the NNPCL by the auditor-general,” Wadada said.

Other members of the committee emphasised the gravity of the issue and the need for transparency.

Victor Umeh, senator representing Anambra central, said the NNPCL must be forthright in its explanations because it holds “Nigeria’s economic prosperity”.

Babangida Hussaini, senator representing Jigawa north-west, said the issues must be addressed since “governance is a continuum”.

The panel is probing contradictions in NNPC’s audited accounts—specifically N103 trillion in accrued expenses and N107 trillion in receivables.