NNPCL Responds to Senate Queries on Unaccounted N210 Trillion …Senate Committee Says Responses Will Be Thoroughly Reviewed

By Iyojo Ameh

The Senate, through its Committee on Public Accounts, has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted responses to the 19 audit queries raised against it covering the period from 2017 to 2023.

The Committee had, on July 29 this year, given NNPCL’s Chief Executive Officer, Engineer Bayo Ojulari, three weeks to address the queries related to the unaccounted sum of N210 trillion in the company’s audited accounts.

Speaking to journalists after Tuesday’s plenary, Chairman of the Committee, Senator Aliyu Wadada (Nasarawa West), disclosed that NNPCL had indeed responded but noted that the committee was yet to critically examine the documents.

He explained: “While we were on recess, the management of NNPCL wrote to the committee requesting additional time to compile data and provide comprehensive responses to our questions — a request we granted.

“They have since replied, and we now have answers to all 19 queries we raised. However, the report is yet to be presented before the committee, which is why I have refrained from making any public comment until members have fully reviewed it. But I assure Nigerians that, as promised, we will do justice to the matter.”

Senator Wadada further revealed that beyond the audited accounts, other emerging issues surrounding NNPCL’s operations will also come under scrutiny.

According to him, one such issue concerns production sharing contracts (PSCs), particularly the production cost to Nigeria, which must be clearly defined. He stressed the need for transparency on what portion of revenue goes to NNPCL, the international oil companies (IOCs), and the federal government under the PSC arrangement.

He also noted with concern reports that NNPC Retail had declared a loss.

“This development is worrisome to both the committee and the public. We find it difficult to understand why NNPC Retail should record a loss, and we will seek clarification when the corporation appears before us,” he said.

The senator reiterated that NNPCL’s responses to the 19 queries — covering the 2017 to 2023 audit reports — will be thoroughly examined, and the public will be duly informed of the committee’s findings.

“Out of those responses, it will be clear which ones make sense and which do not,” Wadada emphasized.