By Ayomide Otitoju
The Senate Committee on Public Accounts has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted responses to 19 audit queries relating to an unaccounted ₦210 trillion, covering financial years 2017 to 2023.
Chairman of the committee, Senator Aliyu Wadada (Nasarawa West), disclosed this while addressing journalists, noting that although the oil company has provided its responses, the committee is yet to scrutinize the documents.
“The management of NNPCL wrote to the committee during the recess, requesting more time to compile data and respond comprehensively to our questions. We granted the extension. They have now responded to all 19 queries, but the report is yet to be presented before the full committee,” Wadada stated.
The queries were raised over discrepancies in the company’s audited financial statements, which lawmakers described as lacking transparency. The committee had, on July 29, issued a three-week deadline to NNPCL’s Group Chief Executive Officer, Engr. Bayo Ojulari, to explain the inconsistencies highlighted in the audit reports.
Senator Wadada assured Nigerians that the committee would undertake a thorough and impartial review of NNPCL’s submissions before making any conclusions.
“I have refrained from making public statements on the matter until the committee formally reviews the report. But as I promised earlier, we will do justice to the matter,” he said.
The lawmaker further revealed that additional concerns had emerged regarding the company’s production sharing contracts (PSCs) and the reported financial losses at NNPC Retail, one of its subsidiaries.
“We’ve been told NNPC Retail is running at a loss, which is very concerning. It’s hard to understand how the retail arm of the national oil company could operate at a loss in today’s market environment. This, too, will be examined,” Wadada added.
He concluded by assuring the public that the committee’s findings would be made fully transparent and accessible once the review is completed.
