•Ojulari apologises for ignoring summons

Sunday Aborisade in Abuja

The Senate has issued a three-week ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) to provide comprehensive responses to audit queries involving a staggering N210 trillion discrepancies found in the company’s audited financial statements from 2017 to 2023.

Senate Public Account Committee (SPAC), through its Chairman, Senator Ahmed Aliyu (Nasarawa West), gave the deadline after an investigative hearing involving NNPCL led by the recently appointed Group Chief Executive Officer, Engr. Bayo Ojulari.

Ojulari, who had served just over 100 days in office, appeared before the committee after previously failing to honour its invitations.

He apologised for his absence and requested four weeks to respond to the 19 audit queries, citing the complexity and technicality of the issues involved.

The committee granted him three weeks, which Ojulari accepted as sufficient.

Aliyu clarified during the session that the funds in question were neither declared missing nor stolen, but remained unaccounted for in terms of supporting documentation and reconciliation.

He emphasised that the N210 trillion consisted of N103 trillion in liabilities and N107 trillion in assets that required clear explanations.

Ojulari explained that he needed time to thoroughly understand the queries and would engage external auditors and relevant departments to ensure the responses were accurate and well-substantiated.

He stated that his understanding of the issues had evolved significantly after listening to the committee’s breakdown, and committed to assembling a team to reconcile all outstanding records.

The queries stemmed from findings by Auditor-General of the Federation, who reviewed NNPCL’s audited financial statements covering a seven-year period.

Wadada stressed that the committee’s work was in line with its constitutional mandate and was based solely on the audit reports, not on politically motivated allegations or suggestions from other arms of government.

He stated that once NNPCL’s written response was submitted, Ojulari and other senior officials would be invited to appear before the committee for another hearing and further clarifications.

Some of the figures flagged in the audit report included N600 billion in retention fees and other large entries for legal and audit services, none of which had corresponding contracts or documentation.

The committee raised additional concerns over conflicting financial outcomes between NNPCL and its subsidiary, NAPIMS.

While NAPIMS, reportedly, declared N9 trillion in profit between 2017 and 2021, NNPCL posted a N16 billion loss during the same period, raising questions about consolidation and financial transparency.

Lawmakers present during the session expressed the gravity of the audit queries but also showed faith in the GCEO’s ability to clear the air.

Senator Victor Umeh (Anambra Central) welcomed Ojulari and stressed the need for transparency. Umeh stated that NNPCL held the key to Nigeria’s economic fortune.

Senator Babangida Hussaini (Jigawa North West) reiterated the importance of continuity in governance and called on NNPCL to confront the issues head-on.

Senator Tony Nwoye (Anambra North) cautioned against hasty conclusions, stating that the audit report itself may contain inaccuracies and that NNPCL deserves a fair hearing.

The committee’s move, according to the lawmakers, came amid broader national efforts to strengthen public accountability and fiscal discipline, in line with President Bola Tinubu’s Renewed Hope Agenda.

They stated that the push was particularly timely given NNPCL’s transformation into a commercial entity under the Petroleum Industry Act (PIA) and its plans to eventually go public.

The senate warned that a lack of clarity in financial reporting could undermine investor confidence and Nigeria’s oil sector credibility.

In a show of seriousness, representatives from key anti-corruption and intelligence agencies—including Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU), and Department of State Services (DSS), were present at the hearing.

As the three-week countdown begins, all eyes are now on NNPCL. The company is expected to submit a detailed, well-reconciled written report addressing each of the 19 audit queries.

The outcome of this probe would shape not just NNPCL’s corporate future, but also the Nigerian government’s credibility in enforcing accountability in its most critical revenue-generating sector.

The post N210trn Audit Discrepancies: Senate Panel Gives NNPCL Three Weeks to Reconcile Accounts appeared first on THISDAYLIVE.

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