Unaccounted N210trn: Senate gives NNPCL 3 weeks ultimatum for reaction

The Senate Committee on Public Accounts on Tuesday gave  the Nigerian National Petroleum Company Limited  (NNPCL) three weeks to respond to queries raised against it over the N210 trillion funds unaccounted for, in the audit reports between 2017 and 2023. The  three-week ultimatum was given to the Group Chief Executive Officer of NNPCL, Engr Bayo […]

The Senate Committee on Public Accounts on Tuesday gave  the Nigerian National Petroleum Company Limited  (NNPCL) three weeks to respond to queries raised against it over the N210 trillion funds unaccounted for, in the audit reports between 2017 and 2023.

The  three-week ultimatum was given to the Group Chief Executive Officer of NNPCL, Engr Bayo Ojulari, who appeared before the committee in Abuja, after apologising for his failure to honour previous invitations by the committee.

The committee chaired by Senator Ahmed Wadada Aliyu (Nasarawa West), insisted that the NNPCL must account for the funds.

Ojulari had after his apology to the committee, explained that he needed more time to enable him to respond to the 19 queries.

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“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 regarding 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 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 said.

Though he requested for four weeks, the committee granted him three weeks within which to respond.

 

Giving details of the queries to Ojulari, Senator Wadada said the N210trn unaccounted for, are broadly in two components of N103trn liabilities and N107trn assets which according to him must be accounted for.

 

“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 to it on all the 19 queries after which the GCEO  will be invited along with other management staff for physical appearance and defence,” Wadada said.