Nigerian Senate Summons NNPCL over N210tn Audit Queries

The Nigerian legislature has mandated the management of Nigerian National Petroleum Company Limited (NNPCL) to appear before it to account for the N210 trillion flagged in audit reports from 2017 to 2023.

The directive was issued by the Public Accounts Committee (PAC) of the country’s upper legislature, saying the state-owned oil company has until April 29 to respond to its invitation. 

The committee directed Bayo Ojulari, the Group Chief Executive Officer (GCEO) of NNPCL, to appear as well as his immediate predecessor Mele Kyari on the scheduled date unfailingly.

Also expected to appear are former Chief Financial Officer, Umar Ajia; Bala Wunti and the external auditors of the national oil company.

This development follows a motion moved by legislator Osita Izunaso and seconded by his colleague Adams Oshiomhole. 

Aliyu Wadada, a senator who chairs the committee, stated that the N210 trillion in question, as contained in the audit reports, must be fully accounted for by the company’s management. He said that the explanations provided by NNPCL to the 19 audit queries were unsatisfactory, noting that Nigerians deserved clear, detailed and convincing responses.

“This committee, and by extension, the Senate, is not satisfied with the blanket explanation given by NNPCL on N103 trillion, which it claims represents liabilities.

“Liabilities have components such as retention fees, legal fees and audit fees. Specific amounts spent on each of these components must be clearly stated and explained.

“Detailed explanations are also required for the N107 trillion, which NNPCL said was expended on joint venture cash calls as well as funds allegedly owed by some defunct banks whose identities were not disclosed.

“Consequently, it is resolved that NNPCL is given an additional two weeks to appear before this committee unfailingly. The deadline for compliance is Wednesday, 29 April,” Wadada said.