Senate c’ttee gives NNPCL 10 days to account for alleged missing N210trn

The Senate on Thursday issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to respond to 11 critical financial queries related to discrepancies in its audited financial statements. The Senate threatened that there would be serious constitutional consequences if the leadership of the NNPCL failed to comply. It could be recalled that […]

The Senate on Thursday issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to respond to 11 critical financial queries related to discrepancies in its audited financial statements.

The Senate threatened that there would be serious constitutional consequences if the leadership of the NNPCL failed to comply.

It could be recalled that the Senate had earlier given the NNPCL a one-week ultimatum to explain discrepancies amounting to over N210 trillion in its audited financial statements from 2017 to 2023.

The Senate Committee on Public Accounts, chaired by Senator Aliyu Wadada (SDP, Nasarawa West), at the resumed hearing yesterday rejected a written request from the NNPCL seeking a two-month extension to compile responses and documents.

The session was attended by representatives from the Economic and Financial Crimes Commission (EFCC), Nigeria Financial Intelligence Unit (NFIU), Department of State Service (DSS), and other key stakeholders who served as witnesses to the proceedings.

Daily Trust reports that the committee had last week described as mind-boggling and unacceptable the financial irregularities “uncovered” in NNPC’s books, including over N200 trillion in unexplained receivables and undocumented legal and audit fees from 2017 to 2023.

The disputed figures, comprising ₦103 trillion in “accrued expenses” and another ₦107 trillion listed as “receivables,” were uncovered during the committee’s review of NNPCL’s financial records from 2017 to 2023.

“It is unacceptable, we have given them 10 working days, this committee will not tolerate delay tactics in matters concerning public funds,” Senator Wadada said.

The lawmaker warned that should the NNPCL Group Chief Executive Officer fail to respond, the Senate would be compelled to invoke its constitutional oversight powers, describing the development as “nonsense.”

He said, “This committee is not expecting any documents from the NNPCL. We were expecting answers to the 11 questions we asked them. Why should a corporate body like the NNPCL request two months to respond to queries that emanated from their own internal audit?

“They are given 10 working days, which will be the 10th of July, to provide answers. If by that date they do not respond accordingly, all the powers of the Senate will be invoked to compel appearance.

“Any attempt to disregard this committee’s directive will amount to contempt of the Senate. We are here to protect public funds, and we will not be deterred.”

 Speaking on the broader implications, the committee chairman said, “And in this day and age, I mean, permit me to say, in Nigeria of today, that President Bola Tinubu as headmaster of the project called Nigeria, is committed to changing the narratives in the system.

 

 “Changing these narratives, which are enveloped by the Renewed Hope Agenda, cannot be achieved without the needed and required funding. So, it is a government that needs all the support for funds to be made available to the government.

 

 “And under such a quest, these figures are mind-boggling, they are scary, they are, of course, worrisome. For us, as representatives of the people, we will do the best we can. I know for a fact that this will not just go down the drain.

 

“How can it be erroneous? The figures emanated from the audited financial statement of NNPC. And you’ve heard the contradictions. They said reconciliation had not been done.

 

 “So, if reconciliation was not done, why did they sign off to the audited financial statement? And this audited financial statement is already in the public domain. And NNPC is planning to go to the market for an IPO.”

 

Following consultations with committee members, including Senators Onyekachi Nwoebonyi, Abdul Ningi, Victor Umeh, and Tony Nwoye, it was resolved that Bayo Ojulari, Group Chief Executive Officer of NNPCL, must personally appear before the committee at the next session scheduled for July 10.