N210tn audit queries: Senate gives NNPCL April 29 deadline

The Nigerian Senate, through its Committee on Public Accounts, has issued a firm ultimatum to the Nigerian National Petroleum Company Limited (NNPCL), demanding a comprehensive accounting of a staggering N210 trillion. Audit reports spanning from 2017 to 2023 have flagged these queries, and the NNPCL management has until April 29 to appear before the committee to provide satisfactory explanations.

“

The committee directed the Group Chief Executive Officer of NNPCL, Mr Bayo Ojulari, to appear alongside the immediate past GCEO, Mr Mele Kyari, on the scheduled date unfailingly.

Senator Aliyu Wadada, the committee chairman, explicitly stated that the explanations previously offered by NNPCL regarding N103 trillion in liabilities and N107 trillion in joint venture cash calls were insufficient. He stressed that Nigerians deserve clear, detailed, and convincing responses, particularly concerning the components of liabilities such as retention fees, legal fees, and audit fees, which require specific amounts and explanations. The committee also seeks clarity on funds allegedly owed by undisclosed defunct banks.

“

the N210 trillion in question, as contained in the audit reports, must be fully accounted for by the company’s management.

This directive underscores the Senate's commitment to fiscal oversight and accountability within critical state-owned enterprises. The call for the appearance of both the current Group Chief Executive Officer, Mr. Bayo Ojulari, and the immediate past GCEO, Mr. Mele Kyari, alongside other key financial officers and external auditors, signals the seriousness with which the Senate is treating these financial irregularities. The repeated failure of NNPCL officials to adequately address previous invitations has led to calls for invoking the National Assembly's powers to compel their appearance, highlighting a growing concern over legislative authority and executive compliance.

“

The explanations provided by NNPCL to the 19 audit queries were unsatisfactory, noting that Nigerians deserved clear, detailed and convincing responses.