July 30, 2025
The Nigerian National Petroleum Company Limited (NNPCL) has been given three-week deadline to respond to 19 audit queries related to unaccounted funds totaling N210 trillion.
Senate Committee on Public Accounts Committee gave the ultimatum while emphasizing that the amount in question is not considered stolen or missing but rather yet to be properly accounted for.
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.
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Ojulari, explained that, “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.
The NNPCL’s Group Chief Executive Officer, 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.
He 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.
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Chairman of the committee, Senator Ahmed Wadada, stated that the queries were raised in line with the committee’s constitutional mandate to investigate financial irregularities.
While Senator Victor Umeh noted that NNPCL holds the key to Nigeria’s economic prosperity, the committee members stressed the need for transparency and accountability in government establishments.
However, Senator Tony Nwoye highlighted the need for fair hearing, suggesting that the audited report might not be perfect.
