The Senate on Tuesday gave the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, three weeks to respond to queries raised in audit reports covering the period from 2017 to 2023, regarding the alleged unaccounted sum of N210tn.
The directive was issued by the Senate Committee on Public Accounts, chaired by Senator Ahmed Wadada (Nasarawa West), after a session with Ojulari. Senator Wadada clarified that the money was neither missing nor stolen, but was yet to be properly accounted for.
He said, “The N210tn unaccounted for is broadly in two components of N103tn liabilities and N107tn assets, which must be accounted for. None of the 18 or 19 questions we asked NNPC to explain came from the executive or judiciary.
“They are questions extracted from the audited financial statement of the NNPC by the Auditor-General covering 2017 to 2023. Also, this committee had not at any time said the N210tn in question, as far as the queries are concerned, was stolen or missing.
“What the committee is doing is a required investigation on queries raised in the report in line with its constitutional mandate. Therefore, the committee is giving NNPC three weeks to forward written responses on all 19 queries, after which the GCEO will be invited along with other management staff to appear for defence.”
Ojulari, who was appearing before the committee for the first time since assuming office a little over 100 days ago, tendered an apology for earlier failed appearances.
The NNPC boss also requested additional time to review the 19 audit queries.
“I’m just over 100 days in office as the GCEO of NNPC. 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 has now changed my perspective about the issues.
“I need to understand the issues myself so I can respond appropriately. I 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 assured.
Although Ojulari requested four weeks, the committee settled for three, which he said would be sufficient to prepare NNPC’s defence.
Other senators underscored the gravity of the matter. Senator Victor Umeh (Anambra Central) said, “One thing that must be stated clearly is that we need transparency, and NNPC is in possession of Nigeria’s economic prosperity.”
Senator Babangida Hussaini (Jigawa North West) noted that “There is a need for the NNPC management team to look into the issues raised since governance is a continuum. The issues are germane and critical.”
In his contribution, Senator Tony Nwoye (Anambra North) added, “It is very important and germane to give them (NNPCL) a fair hearing. Perhaps the audited report is not correct.”
