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 2017 to 2023, over the alleged unaccounted sum of N210trn.
The directive was issued by the Senate Committee on Public Accounts, chaired by Senator Ahmed Wadada Aliyu (Nasarawa West), after a session with Ojulari.
Wadada clarified that the money was neither missing nor stolen, but yet to be properly accounted for.
He said, “The N210trn unaccounted for are broadly in two components of N103trn liabilities and N107trn assets, which must be accounted for.
“None of the 18 or 19 questions we asked NNPCL to explain neither come from the executive or judiciary.
“They 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 N210trn 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 on all the 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 not appearing earlier.
The NNPCL boss also requested additional time to review the 19 audit queries.
“I’m just over 100 days in office as the GCEO of NNPCL. I still need time to do further digging, given the perspectives I have heard now into 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. 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 the committee.
Although Ojulari requested four weeks, the committee settled for three, which it said would be sufficient to prepare NNPCL’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 NNPCL is in possession of Nigeria’s economic prosperity.”
Senator Babangida Hussaini (Jigawa North West) noted that “There is need for the NNPCL 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.”
