By Deborah Nnamdi
The Senate has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted detailed responses to 19 audit queries over an alleged unaccounted ₦210 trillion covering the financial years 2017 to 2023.
Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada (Nasarawa West), disclosed this while addressing journalists at the National Assembly. He said the NNPCL had requested additional time during the Senate recess to prepare comprehensive responses, which the committee granted.
“NNPCL has now responded to all 19 queries, but the report is yet to be presented before the full committee for review,” Wadada stated.
The queries stem from discrepancies in the company’s audited accounts, which lawmakers described as lacking transparency. On July 29, the committee gave NNPCL’s Chief Executive Officer, Engr. Bayo Ojulari, a three-week deadline to explain the inconsistencies flagged in the audit reports.
Wadada assured Nigerians that the committee would carry out an impartial and exhaustive assessment of the company’s submissions before issuing any public statement.
“I have refrained from making public comments until the committee has reviewed the report. But as promised, we will do justice to the matter,” he said.
Beyond the audit concerns, the senator revealed that fresh issues had emerged regarding NNPCL’s operations, including its production sharing contracts (PSCs) and the performance of its retail subsidiary.
“We’ve been told NNPC Retail is operating at a loss, which is troubling. It’s difficult to understand how a retail arm of the national oil company could be unprofitable in the current market environment. This will also be investigated,” he added.
Wadada concluded by assuring the public that the committee’s findings will be made public once its review is completed.
