- NNPCL submits response to ₦210 trillion Senate audit queries.
- Senate promises transparent review of NNPCL’s financial records.
- Fresh concerns arise over NNPC Retail’s reported losses.
The Nigerian National Petroleum Company Limited (NNPCL) has submitted comprehensive responses to 19 audit queries raised by the Senate Committee on Public Accounts regarding alleged ₦210 trillion unaccounted funds in its financial records from 2017 to 2023.
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EKO HOT BLOG reports that Senator Aliyu Wadada, Chairman of the Committee, confirmed the development during a media briefing at the National Assembly. He explained that the NNPCL had earlier sought an extension during the National Assembly recess to gather necessary documents and data before responding.
According to Wadada, “The management of NNPCL requested additional time to compile data and respond comprehensively. They have now responded to all 19 queries, but the report is yet to be presented before the full committee.”
The Senate had previously flagged inconsistencies in NNPCL’s audited accounts, describing them as lacking transparency and accountability. Wadada assured Nigerians that the committee would thoroughly review the company’s submissions before making any pronouncements or recommendations.
He emphasized that the review would be based on facts, documents, and verifiable evidence to ensure transparency in public financial management.
Beyond the ₦210 trillion audit concerns, new issues have surfaced regarding NNPCL’s operational performance, particularly in its Production Sharing Contracts and the financial operations of NNPC Retail. Wadada disclosed that NNPC Retail was reportedly operating at a loss, describing the situation as “very concerning” for a key subsidiary of the national oil company.
The committee had earlier issued a three-week deadline to the NNPCL Group Chief Executive Officer, Engr. Bayo Ojulari, to explain the discrepancies. Wadada reaffirmed that the Senate would make its findings public, stressing that accountability and due process remained paramount.
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