On Tuesday, the Senate once more requested explanations from the Nigerian National Petroleum Company Limited’s (NNPCL) management over the whereabouts of N210 trillion that was recorded in the company’s ledger.
The oil industry regulator was given three weeks by the red chamber’s Committee on Public Accounts to address questions posed about it in the 2017–2023 audit reports, which claimed N210 trillion in unaccountability.
The committee, which was led by Senator Ahmed Wadada Aliyu of Nasarawa West, maintained that the sum in question was neither lost or stolen but rather had not yet been accounted for.
Engineer Bayo Ojulari, the Group Chief Executive Officer of NNPCL, was given a three-week window for explanation after the committee accepted his apology for often missing meetings.
Following his apology, Ojulari informed the committee’s members that he required more time to go into the nuances and viewpoints of the concerns mentioned in order to provide a satisfactory response to the 19 questions posed.
I have only been the GCEO of NNPCL for a little more than a hundred days. Although I am now in the middle of a massive national assignment, your explanation has altered my perspective on the difficulties, and I still need time to conduct additional research.
“In order to react properly, I must comprehend the problems myself. We’ll send a team, so please make sure the information is accurately recorded so we can start working on answering the questions.
He declared, “I will definitely involve the external auditors and other pertinent groups in this process.”
He asked for four weeks, but the committee only gave him three, which he says is sufficient for the response he expects from NNPCL.
Senator Wadada gave the NNPCL GCEO an explanation of the specifics of the questions, stating that the N210 trillion that is unaccounted for may be divided into two parts: N107 trillion in assets and N103 trillion in liabilities, both of which he claimed need to be accounted for.
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“Neither the executive branch nor the judiciary provided any of the 18 or 19 questions we have on NNPCL, nor did we as a committee. These are questions taken from the NNPCL’s 2017–2023 audited financial statements by the auditor general.
Furthermore, this committee has never claimed that the N210 trillion in question has been lost or stolen in relation to the inquiries. In accordance with its constitutional role, the committee is conducting the necessary inquiry into the issues identified in the report.
“As a result, the committee is giving NNPCL three weeks to submit written answers to it on all 19 questions. Following that, the GCEO and other management personnel will be invited for physical appearance and defense,” he stated.
Prior to the chairman’s decision, almost every committee member discussed the gravity of the issues at hand while expressing hope that the GCEO would provide clarification.
In particular, Senator Victor Umeh of Nambra Central stated: “We have been waiting for you, so we are glad to have you here. It is important to emphasize that NNPCL is in control of Nigeria’s economic success and that we require transparency.
In his remarks, Senator Babangida Hussaini (Jigawa North West) stated that as governance is a continuum, the NNPCL management team must investigate the issues brought up, stating that “the issues are germane and critical.”
However, Senator Tony Nwoye of Nambra North, another committee member, stated: “Giving them (NNPCL) a fair hearing is crucial and pertinent.” The audited report might not be accurate.
