Senate gives NNPCL three weeks to explain unaccounted N210trn

The Senate Public Accounts Committee on Tuesday gave the Nigeria National Petroleum Compay Limited  (NNPCL) three weeks to explain queries raised against it by the Office of the Auditor General of the Federation alleging that the sum of N210 trillion is unaccounted for.

The committee chaired by Senator Ahmed Wadada (Nasarawa West) said that the amount in question was neither stolen nor missing but yet to be accounted for.

The three-week window for explanations was given to the Group Chief Executive Officer of NNPCL, Engineer Bayo Ojulari after apologising for his failure to appear before the committee on four consecutive occasions after being duly summoned.

Ojulari had after his apology to the committee, explained that for satisfactory response from him on the 19 queries raised, he needed more time to study the issues.

“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. I will get a team and get the details properly reconciled so we can work to provide answers to the queries.

“In doing this, I will surely engage the external auditors and other relevant groups,” he said.

Though he requested for four weeks, the committee granted him three weeks which according to him, is enough for the response expected from NNPCL.

Explaining the content of the queries to the NNPCL GCEO, Senator Wadada said the N210trillion unaccounted fund are broadly in two components of N103trillion liabilities and N107trillion assets which according to him must be accounted for.

“They are questions extracted from the audited financial statements of the NNPCL by the Auditor General covering 2017 to 2023.

“Also this committee had not at any time said the N210trillion was stolen or missing. What the committee is doing, is to investigate queries raised in the report in line with its constitutional mandate.

“Therefore , the committee is giving NNPCL three weeks to forward written responses to it on all the 19 queries after which the GCEO will be invited along with other management staff for physical appearance and defence,” he said.