…Senate vows thorough scrutiny of submissions
BY CAROLINE AMEH
ABUJA – The Nigerian National Petroleum Company Limited (NNPCL) has submitted its response to the 19 audit queries raised by the Senate Committee on Public Accounts over alleged unaccounted funds amounting to ₦210 trillion from its 2017–2023 financial records.
Chairman of the committee, Senator Aliyu Wadada (Nasarawa West), disclosed this on Tuesday while briefing journalists after plenary at the National Assembly.
He explained that the NNPCL management had earlier requested an extension of time to enable it to compile the necessary data and documents to respond comprehensively, a request the committee approved.
“While we were on recess, the management of NNPCL wrote to the committee, requesting an extension of time to enable them compile data and respond comprehensively to the questions we raised, and we granted that request,” Wadada said.
“They have since responded, and we now have answers to all 19 questions we sent to them. However, the report is yet to be presented before the committee. That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members. But let me assure you, as I promised earlier, we will do justice to the matter,” he added.
The committee had, on July 29, given NNPCL’s Group Chief Executive Officer, Engr. Bayo Ojulari, three weeks to respond to the audit queries regarding the alleged missing funds.
Senator Wadada further revealed that the committee’s review would go beyond the audit queries to include other critical issues related to NNPCL’s operations, particularly production sharing contracts (PSCs) and the financial state of its retail subsidiary.
“The first of such issues is production sharing contracts, specifically, the production cost to Nigeria, which must be clearly defined. The public deserves to know what portion goes to NNPC, what goes to the international oil companies (IOCs), and what accrues to the government under the production sharing arrangement,” he said.
He also expressed concern over reports that NNPC Retail had recorded losses, stressing that the committee would demand detailed explanations when the company appears before it.
“This development is of concern to us and to the public. We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us,” Wadada stated.
The lawmaker assured that the Senate would ensure a transparent and objective review of NNPCL’s submissions, adding that Nigerians would be fully informed of the committee’s findings.
“As far as the audited financial statements are concerned, which cover the period between 2017 and 2023, NNPC has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course. Out of those answers, the ones that make sense and those that do not will be evident to the public,” he said.
The Senate’s ongoing investigation into NNPCL’s financial records underscores its commitment to strengthening fiscal accountability and transparency in Nigeria’s petroleum sector, a critical pillar of the nation’s economy.
