The Nigerian Senate has given the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, a three-week deadline to respond to audit queries concerning an unaccounted sum of N210 trillion.
The directive was issued on Tuesday by the Senate Committee on Public Accounts, chaired by Senator Ahmed Wadada Aliyu (Nasarawa West), following a meeting with Ojulari. The audit queries, which cover financial statements from 2017 to 2023, were derived from reports by the Auditor-General.
Clarifying the Senate’s position, Wadada emphasized that the committee was not suggesting that the funds were stolen or missing but rather had not been properly accounted for.
He stated, “The N210trn unaccounted for are broadly in two components of N103trn liabilities and N107trn assets, which must be accounted for.”
“None of the 18 or 19 questions we asked NNPCL to explain neither come from the executive or judiciary. They are questions extracted from the audited financial statement of the NNPCL by the Auditor-General covering 2017 to 2023.”
“Also, this committee had not at any time said the N210trn in question as far as the queries are concerned, was stolen or missing.”
“What the committee is doing is required investigation on queries raised in the report in line with its constitutional mandate.”
“Therefore, the committee is giving NNPCL three weeks to forward written responses on all the 19 queries, after which the GCEO will be invited along with other management staff to appear for defence.”
Ojulari, who appeared before the Senate panel for the first time since assuming office a little over 100 days ago, apologized for his earlier absence and appealed for more time to study the audit issues.
He said, “I’m just over 100 days in office as the GCEO of NNPCL. I still need time to do further digging, given the perspectives I have heard now into 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 please 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.”
Although Ojulari initially requested four weeks, the committee insisted that three weeks would be sufficient for the company to prepare its response.
Other senators highlighted the significance of the probe and the need for accountability.
Senator Victor Umeh (Anambra Central) noted, “One thing that must be stated clearly is that we need transparency, and NNPCL is in possession of Nigeria’s economic prosperity.”
Senator Babangida Hussaini (Jigawa North West) added, “There is need for the NNPCL management team to look into the issues raised since governance is a continuum. The issues are germane and critical.”
Also speaking, Senator Tony Nwoye (Anambra North) said, “It is very important and germane to give them (NNPCL) a fair hearing. Perhaps the audited report is not correct.”
The committee reaffirmed its constitutional responsibility to ensure due process and transparency in public financial management.
