The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company three weeks to respond to queries raised against it.

The queries against the NNPCL pertained to audit reports from 2017 to 2023, alleging unaccountability of N210 trillion.

The committee, chaired by Ahmed Wadada, insisted that the amount in question was neither stolen nor missing, but rather had yet to be accounted for.

A three-week window was given to NNPCL chief Bayo Ojulari after an apology for past failed appearances. 

Mr Ojulari, after apologising to the committee, explained to its members that to provide a satisfactory response to the 19 queries raised, he needed more time to delve into the technicalities and perspectives of the issues.

“I’m just over 100 days in the office as the GCEO of NNPCL. I still need time to do further digging, given the perspectives I have heard now on the issues. This is coming in the midst of a huge national assignment. Your explanation now changes my perspective about the issues.

“I need to understand the issues myself so I can respond appropriately. Will get a team and please get the details properly reconciled so we can work to provide answers to the queries. In doing this, I will surely engage the external auditors and other relevant groups,” he said.

Although he requested four weeks, the committee granted him three weeks, which, according to them, is enough time for the response expected from NNPCL.

Explaining the details of the queries to the NNPCL chief, Mr Wadada said that the N210 trillion unaccounted for was broadly composed of two components: N103 trillion in liabilities and N107 trillion in assets, which, he said, must be accounted for.

“There is none out of the 18 or 19 questions we have on NNPCL from us as a committee, nor did it come from the executive or the judiciary. These are questions extracted from the audited financial statement of the NNPCL by the auditor-general covering 2017 to 2023.

“Also, this committee had not, at any time, said the N210 trillion in question, as far as the queries are concerned, was stolen or missing. What the committee is doing is required investigation on queries raised in the report, in line with its constitutional mandate.

“Therefore, the committee is giving NNPCL three weeks to forward written responses to it on all 19 queries, after which the GCEO will be invited along with other management staff for physical appearance and defence,” he said.

Before the chairman’s ruling, virtually all members of the committee spoke about the unaccounted-for funds, but expressed optimism that the GCEO would clarify those issues.

Victor Umeh said (Anambra), “We are happy to have you because we have been waiting for you. One thing that must be stated clearly is that we need transparency, and NNPCL is in possession of Nigeria’s economic prosperity.”

Babangida Hussaini (Jigawa), in his comments, stated that there was a need for the NNPCL management team to address the issues raised, as governance is a continuous process.

Another member of the committee, Tony Nwoye (Anambra), said, “It is very important and germane to give them (NNPCL) a fair hearing. Maybe the audited report is not correct.” 

(NAN)