NNPCL Seeks More Time to Explain ₦210 Trillion Audit Queries — Senate
The Senate on Tuesday disclosed that the Nigerian National Petroleum Company Limited (NNPCL) has asked for additional time to address 19 audit queries involving over ₦210 trillion in unaccounted funds from its financial statements spanning 2017 to 2023.
This was revealed by the Senate Committee on Public Accounts, which had in July given NNPCL’s Group Chief Executive Officer, Engineer Bayo Ojulari, three weeks to respond to discrepancies highlighted in the Auditor-General’s report. The review period covers NNPCL’s transformation from a government corporation into a limited liability company under the Petroleum Industry Act.
Speaking with journalists after plenary, the committee chairman, Senator Aliyu Wadada (Nasarawa West), confirmed that NNPCL has now submitted its detailed responses but added that the committee has yet to examine them.
“During the Senate recess, NNPCL’s management wrote to request more time to compile and provide comprehensive answers to our queries — and we approved the extension. They have since submitted their responses, and we now have answers to all 19 queries,” Wadada said.
He explained that the committee would withhold public comments until members have reviewed the submissions.
“As chairman, I will not make any conclusive statement until the documents are properly laid before the committee. But I assure Nigerians that we will treat the matter with utmost fairness and diligence,” he added.
Wadada also noted that the committee’s investigation extends beyond the audit queries to include an assessment of production sharing contracts and crude oil cost structures. He emphasized the need for transparency regarding how revenue is distributed among NNPCL, international oil companies, and the federal government.
“Additionally, we have been informed that NNPC Retail declared a loss, which raises serious concerns. It’s difficult to comprehend how such a strategic subsidiary could operate at a loss. We intend to seek clarification when NNPCL appears before us,” he said.
The Public Accounts Committee’s inquiry represents one of the most extensive financial scrutiny efforts undertaken by the 10th Senate, amid growing public demand for transparency within the state oil company, which now operates as a profit-oriented enterprise.
Wadada assured that the committee’s findings will be made public once the review is complete.
“As far as the audited statements from 2017 to 2023 are concerned, NNPCL has provided answers to the 19 issues we raised. In due time, Nigerians and the media will know which of those responses are satisfactory — and which are not,” he concluded.
