By Peterside Rejoice
The Senate Public Accounts Committee has given the Nigerian National Petroleum Company Limited (NNPCL) a three-week deadline to provide a detailed and documented response to audit queries amounting to N210 trillion spanning financial years 2017 to 2023.
This development followed the long-awaited appearance of the Group Chief Executive Officer (GCEO) of NNPCL, Engr. Bashir Bayo Ojulari, before the Senate panel on Tuesday, after months of repeated summons and threats of a warrant of arrest by the committee.
The chairman of the committee, Senator Aliyu Wadada (SDP, Nasarawa), in his opening remarks, clarified that the Senate never accused NNPCL of misappropriating the said amount. Rather, he said, the committee’s demand was based on figures extracted from the company’s audited financial statements submitted to the Office of the Auditor-General for the Federation.
“We never said N210tn is missing or stolen. What we are saying and we will continue to insist is that NNPCL must account for the amount, as it appeared in the audited financial statements. These figures, both liabilities and receivables, must be substantiated to be acceptable,” Wadada explained.
The breakdown of the query includes N103 trillion in liabilities and N107 trillion in receivables. According to the committee, neither has been satisfactorily explained by the company, and the absence of the external auditors who prepared the reports further complicated the probe.
Drama ensued when former Edo State Governor and current Senator representing Edo North, Comrade Adams Oshiomhole, lambasted the NNPCL GCEO for what he described as gross disrespect and institutional arrogance toward the National Assembly.
Reacting to Ojulari’s explanation that he was not fully briefed on the audit issues and needed time to understand the structure and operations of NNPCL, Oshiomhole faulted the claim, stating that repeated absences and delegation of unprepared representatives amounted to disrespect for the Senate and the Nigerian people.
“I hold the view that your predecessor and even you held this committee in contempt. Yes, you have now come to apologise, but that apology does not erase the fact of earlier disregard,” Oshiomhole fumed.
“When someone kills and says, ‘I’m sorry I hurt you’, the fact of the crime remains. You sent representatives here before, but now you claim you were not properly briefed. So you’re telling us you sent people who couldn’t even explain to you what they were invited for?” he queried.
The fiery lawmaker further described the situation as “vexatious” and “liable to serious sanctions,” noting that it was unacceptable for any public official, regardless of their title, to treat parliamentary summons with levity.
Oshiomhole reminded the NNPCL boss that the Public Accounts Committee was intentionally designed to be chaired by an opposition lawmaker to ensure objectivity and transparency, not partisanship.
“This committee was set up to uphold transparency. That is why no member of the ruling party is allowed to chair it. Nigerians didn’t want a committee that would be in bed with government offenders,” he noted.
He said the NNPCL, under previous leadership, operated like a parallel government, often ignoring statutory institutions and financial procedures.
“In fact, Nigeria has almost become a subsidiary of NNPCL. They do what they like, spend what they like, and report when they like. That era must end,” Oshiomhole warned.
In his response, Engr. Ojulari apologised for his delayed appearance and promised full cooperation going forward. He explained that he had only been appointed a few months ago and needed time to familiarise himself with NNPCL’s complex operations and finances.
“I came into this assignment barely a few months ago and needed time to understand the structure, operations, and financial records of this huge organisation,” Ojulari said.
He added that NNPCL would immediately constitute a technical team to work closely with the Senate committee and pledged full disclosure on all matters raised.
Following deliberations, the committee resolved to grant NNPCL a three-week deadline to reappear with a comprehensive and verifiable report on all the audit issues.
A joint technical subcommittee comprising Senate members and NNPCL representatives is also to be formed to review the documents ahead of the next appearance.
“This is not a witch-hunt. It is a constitutional duty we owe Nigerians. We must get to the root of this audit query and present our findings transparently,” Senator Wadada added.
The N210 trillion audit query is one of the largest financial investigations currently ongoing in Nigeria’s oil and gas sector, as public demands for transparency and accountability in the management of national resources intensify.
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