…Insists amount not stolen or missing
…As NNPCL CEO pleads for time
By Henry Umoru
ABUJA – THE Senate has given the Nigerian National Petroleum Company (NNPCL) three weeks to respond to queries raised against it in the audit reports of 2017 to 2023, alleging unaccountability of N210trillion.
According to the Senate, NNPCL will use the appearance to provide detailed explanations on financial discrepancies totalling N210 trillion m, even as the Group Chief Executive Officer, GCEO, Engineer Bayo Ojulari apologised for past failed appearances before it, pleaded for more time to respond adequately.
The three weeks window for explanations was given to Ojulari after the Senator Aliyu Wadada, SDP, Nasarawa West led Senate Committee on Public Accounts accepted his apology.
Appearing before the committee on Tuesday in response to 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.
Ojulari had after his apology to the committee explained to its members that for satisfactory response from him on the 19 queries raised , he needed more time to dig into the technicalities and persoectives of issues raised.
He said, “I’m just over 100 days in the office as the GCEO of NNPCL. 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. Will get a team and please 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 however pledged to assemble a team to work on the queries.
Though he requested for four weeks, but the committee granted him three weeks which according to him, was enough for the response expected from NNPCL.
Some Senators further expressed dissatisfaction with the company’s posture, accusing NNPCL of showing disregard for the committee, just as 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.
The financial concerns revolve around 103 trillion naira in liabilities and 107 trillion naira in assets, figures that lawmakers described as troubling and largely unsubstantiated.
In his remarks, Chairman of the Committee, Senator Aliyu Wadada who asserted that the figures raised red flags, said, “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.”
According to the Chairman, the N210 trillion naira 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.
Meanwhile, Wadada insisted that the amount in question was neither stolen or missing, but yet to be accounted for.
Explaining the nitty gritty of the queries to the NNPCL GCEO, Senator Wadada said that the N210trillion unaccounted for, are broadly in two components of N103trillion liabilities and N107trillion assets which according to him must be accounted for.
He said, “There are none out of the 18 or 19 questions we have on NNPCL from us as a committee, neither did it come from the executive or judiciary. they are questions extracted from the audited financial statement of the NNPCL by the auditor-general covering 2017 to 2023 .
“Also this committee had not at any time said the N210trillion in question, as far as the queries are concerned, was stolen or missing. What the committee is doing, is required investigation on 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 with other management staff for physical appearance and defence.”
Earlier before the ruling of the Chairman, virtually all members of the committee spoke on seriousness of the issues at stake but expressed optimism that the GCEO will clear the air on them.
Specifically, Senator Victor Umeh, LP, Anambra Central) said: “We are happy to have you because we have been waiting for you . one thing that must be stated clearly is that we need transparency, and NNPCL is in possession of Nigeria’s economic prosperity.”
On his part, Senator Babangida Hussaini, APC, Jigawa North West ) said there is need for NNPCL management team to look into the issues raised since governance is a continuum, saying “the issues are germane and critical”.
In his contribution, Senator Tony Nwoye, LP, Anambra North said: “It is very important and germane to give them (NNPCL) fair hearing. Maybe the audited report is not correct.”
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