Senate gives NNPCL Deadline to Explain N210trn Audit Queries
The Senate, through its Committee on Public Accounts, has given the management of Nigerian National Petroleum Company Limited (NNPCL) tlil April 29 to appear before it to account for the N210 trillion flagged in audit reports from 2017 to 2023.
The committee directed the Group Chief Executive Officer (GCEO) of NNPCL, Mr Bayo Ojulari, to appear alongside the immediate past GCEO, Mr Mele Kyari, on the scheduled date unfailingly.
Also expected to appear are former Chief Financial Officer, Umar Ajia; Dr Bala Wunti and the external auditors of the national oil company.
The News Agency of Nigeria (NAN) reports that the committee’s resolutions followed a motion moved by Sen. Osita Izunaso (Imo West) and seconded by Sen. Adams Oshiomhole (Edo North).
Chairman of the committee, Sen. Aliyu Wadada (Nasarawa West), said that the N210 trillion in question, as contained in the audit reports, must be fully accounted for by the company’s management.
Wadada 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 claimed 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, April 29,” Wadada said.
Earlier, a member of the committee, Sen. Abdul Ningi (Bauchi Central), had called for the invocation of the National Assembly’s powers to compel the appearance of NNPCL officials, citing repeated failures to honour invitations.
“We must treat this matter with utmost seriousness. The strength of democracy rests significantly on the authority of the legislature.
“Unfortunately, there appears to be a growing reluctance to honour invitations from the National Assembly, leaving members feeling helpless in enforcing compliance,” he said. Fitch Affirms Nigeria at ‘B’; Outlook Stable
