The Nigerian Senate has issued a three-week deadline to the Nigerian National Petroleum Company Limited (NNPCL) to provide detailed responses to audit queries involving ₦210 trillion in financial discrepancies spanning from 2017 to 2023.
The directive was handed down by the Senate Committee on Public Accounts during a public hearing held at the National Assembly. The Committee is reviewing findings from the Auditor-General’s report which flagged ₦103 trillion in liabilities and ₦107 trillion in assets listed in NNPCL’s financial statements during the period in question.
Chairman of the Committee, Senator Ahmed Wadada Aliyu (Nasarawa West), clarified that the amount is not missing or stolen but reflects accounting inconsistencies that require thorough reconciliation. “We are not accusing NNPCL of theft,” he said. “But transparency demands that such figures be properly accounted for.”
The Group Chief Executive Officer of NNPCL, Engineer Bayo Ojulari, who recently assumed office just over 100 days ago, appeared before the committee after missing earlier invitations. He apologized for his absence and requested four weeks to respond to the 19 audit queries raised by the Auditor-General’s office.
Ojulari explained that the magnitude and technical nature of the issues required time to fully understand and respond appropriately. He promised to constitute a team of internal and external auditors to address the queries and ensure comprehensive responses.
“We are committed to transparency and fiscal accountability,” Ojulari told lawmakers. “But we must get it right. We will ensure that all responses are properly documented and submitted.”
While the committee acknowledged his request, it insisted on a three-week deadline. The chairman noted that Ojulari and his team would be invited again to formally defend their written responses once submitted.
Several senators on the committee emphasized the importance of clarity in public finance, particularly in state-owned enterprises like the NNPCL.
Senator Victor Umeh (Anambra Central) said, “We are happy to see NNPCL take this seriously. This process is not a witch-hunt but a necessary measure to promote good governance.”
Senator Babangida Hussaini (Jigawa North-West) added, “This is about institutional responsibility. NNPCL must show the Nigerian people that it operates transparently.”
The audit queries and Senate review come amid renewed public scrutiny over the management of the nation’s oil revenue and the performance of the recently commercialized NNPCL. The outcome of the reconciliation process is expected to influence future oversight strategies across Nigeria’s petroleum sector.
LV