THE Senate has disclosed that the Nigerian National Petroleum Company Limited (NNPCL) has requested additional time to clarify audit queries involving an alleged ₦210 trillion in unaccounted funds spanning seven financial years, from 2017 to 2023.
News Point Nigeria reports that this revelation came from the Senate Committee on Public Accounts (SPAC), which is currently investigating discrepancies flagged by the Office of the Auditor-General for the Federation in NNPCL’s audited financial statements.
In July, the committee had summoned the NNPCL Group Chief Executive Officer, Engr. Bayo Ojulari, and given the company three weeks to provide detailed explanations on 19 separate audit queries raised against it.
However, following a written request for an extension, the Senate granted NNPCL more time to compile and submit its comprehensive response.
Speaking with journalists after Tuesday’s plenary, the Chairman of the Committee, Senator Aliyu Wadada (Nasarawa West), confirmed that the company has now submitted its responses to all the audit questions but that the committee is yet to scrutinise the documents.
“While we were on recess, the management of NNPCL wrote to the committee requesting an extension of time to enable them to compile data and respond comprehensively to the questions we raised and we granted that request,” Wadada explained.
“They have since responded, and we now have answers to all 19 questions we sent to them. However, the report is yet to be presented before the committee. That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.”
The senator assured Nigerians that the committee will “do justice” to the matter and present a thorough and transparent report once the review is completed.
He further revealed that the Public Accounts Committee’s investigation is not limited to the audit queries alone, but also extends to production sharing contracts (PSCs), crude oil production cost structures, and the revenue allocation framework between the NNPCL, international oil companies (IOCs), and the Federal Government.
“Beyond the audit queries, we are also examining production sharing contracts and how revenues are divided. Nigerians deserve full disclosure on these matters,” he said.
Wadada also raised concerns over reports that NNPC Retail, the company’s downstream subsidiary declared operational losses despite its monopoly over fuel supply during a period of record-high revenues in the oil sector.
“We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us,” he noted.
The ₦210 trillion financial query represents one of the largest sums ever scrutinised in Nigeria’s legislative history and has reignited public debate over transparency and accountability in the operations of the national oil company, which was commercialised under the Petroleum Industry Act (PIA) in 2021.
Senator Wadada reassured the public that once the committee concludes its review, Nigerians will be fully informed of its findings.
“As far as the audited financial statements are concerned, which cover the period between 2017 and 2023, NNPCL has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course. Out of those answers, the ones that make sense and those that do not will be evident to the public,” he said.
