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The Senate Committee hearing
The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) 21 days to provide detailed explanations on financial discrepancies totaling N210 trillion even as its Group Chief Executive Officer (GCEO), Bayo Ojulari, pleaded for more time to respond adequately.
Appearing before the committee on Tuesday in response to an earlier summons, Ojulari stated that he required more time to properly study and understand the issues flagged in the company’s audited financial statements covering the period from 2017 to 2023.
“I have been in office for barely 100 days and I need time to fully understand the issues. Given the explanation I’ve heard today, my perspective has changed,” the NNPCL chief said.
“I need to carry out further internal review and reconciliation to provide the answers the committee requires’. He pledged to assemble a team to work on the queries.”
The financial concerns revolve around N103 trillion in liabilities and N107 trillion in assets, figures that lawmakers described as troubling and largely unsubstantiated.
The Chairman of the Committee, Senator Aliyu Wadada, said that the figures raised red flags.
“The amount is mind-boggling. The liability figure cannot be substantiated and is therefore not acceptable to this committee. Even the receivables making up the asset component cannot be verified,” the senator said.
According to Wadada, the N210 trillion in question was extracted directly from NNPCL’s audited financial statements and the company is expected to provide concrete explanations for both its liabilities and assets.
Some lawmakers also expressed dissatisfaction with the company’s posture, accusing NNPCL of showing disregard for the committee. They argued that the NNPCL boss’s plea for more time was not sufficient and questioned why the CEO appeared to be unfamiliar with the details despite sending representatives to earlier hearings.
Following an appeal from the CEO, the committee directed the NNPCL to return with a comprehensive and reconciled response within 21 days. (Channels TV)
