The Senate on Tuesday said the Nigerian National Petroleum Company Limited (NNPCL) has requested additional time to defend 19 audit queries covering over N210 trillion in unaccounted funds from its 2017–2023 financial statements.

The revelation came from the Senate Committee on Public Accounts, which had in July, given NNPCL’s Chief Executive Officer, Engineer Bayo Ojulari, three weeks to explain the discrepancies flagged in the Auditor-General’s reports.

The period under scrutiny spans NNPCL’s transition from a public corporation to a limited liability company under the Petroleum Industry Act.

Speaking with journalists after the plenary, the committee chairman, Senator Aliyu Wadada (Nasarawa West), confirmed that the company has now submitted its responses but noted that the committee has yet to scrutinize them.

“While we were on recess, management of NNPCL wrote to the committee requesting an extension of time to enable them to compile data and respond comprehensively to the questions we raised — and we granted that request.

“They have since responded, and we now have answers to all 19 questions we sent to them. However, the report is yet to be presented before the committee. That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.

“But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter,” Wadada explained.

Wadada further disclosed that beyond the audit queries, the committee is also examining production sharing contracts and the cost structure of crude production, insisting that Nigerians deserve clarity on how revenue is split among NNPCL, international oil companies, and the federal government.

“Furthermore, the committee has been informed that NNPC Retail has declared a loss. This development is also of concern to us and to the public.

“We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us,” he added.

The Public Accounts Committee’s ongoing probe is one of the most significant financial scrutiny exercises of the 10th Senate, raising new questions about transparency and accountability within Nigeria’s state-owned oil giant, which recently claimed to have become a profit-driven commercial entity.

Wadada assured that once the committee concludes its review, Nigerians will be fully briefed.

“As far as the audited financial statements are concerned — which cover the period between 2017 and 2023 — NNPC has submitted its responses to the 19 questions we asked.

“Nigerians and the media will be informed of the contents in due course. Out of those answers, the ones that make sense and those that do not will be evident to the public,” he said. (The PUNCH, but headline rejigged)

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