NNPCL Has 3 Weeks to Address N210 Trillion in Audit Discrepancies – Senate
The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to respond to 19 audit queries related to unaccounted funds totaling N210 trillion.
The queries, extracted from the company’s audited financial statements from 2017 to 2023, consist of N103 trillion in liabilities and N107 trillion in assets.
NNPCL’s Group Chief Executive Officer, Bayo Ojulari, appeared before the committee and apologized for previous absences and also explained to its members that for satisfactory response from him on the 19 queries raised, he needed more time to dig into the technicalities and perspectives of the issues raised.
“I’m just over 100 days in the 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.
He requested four weeks to respond to the queries, but the committee granted him three weeks, which it deemed sufficient for the expected documentation and clarifications.
Ojulari assured the committee that he would assemble a team to work on the queries and engage external auditors and other relevant stakeholders to provide comprehensive answers.
The Senate Committee emphasized that the amount in question is not considered stolen or missing but rather yet to be properly accounted for. Senator Ahmed Wadada, Chairman of the committee, stated that the queries were raised in line with the committee’s constitutional mandate to investigate financial irregularities.
The committee members stressed the need for transparency and accountability, with Senator Victor Umeh noting that NNPCL holds the key to Nigeria’s economic prosperity.
Senator Babangida Hussaini emphasized the importance of continuity in addressing legacy issues, while Senator Tony Nwoye highlighted the need for fair hearing, suggesting that the audited report might not be entirely accurate. #NNPCL Has 3 Weeks to Address N210 Trillion in Audit Discrepancies – Senate#
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