The Senate Committee on Public Accounts has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted responses to 19 audit queries covering the years 2017 to 2023.
Committee Chairman, Senator Aliyu Wadada, disclosed this to journalists in Abuja. He explained that although NNPCL has provided answers to all the queries, the committee has not yet thoroughly reviewed the responses.
Earlier, on July 29, the committee had directed NNPCL’s Chief Executive Officer, Bayo Ojulari, to provide explanations within three weeks regarding the N210 trillion that remained unaccounted for in the company’s audited financial statements.
Wadada noted that while the National Assembly was on recess, NNPCL’s management requested more time to compile detailed data and submit comprehensive answers. The extension was granted, and the company has since submitted its replies.
“We now have responses to all 19 questions sent to them. However, the report has not yet been formally presented to the committee. That’s why I have refrained from making public comments until the document is laid before members,” he said. “But as I’ve assured Nigerians, we will handle this matter diligently and transparently.”
The committee chairman also highlighted additional issues beyond the audit queries, particularly regarding production sharing contracts. He stressed the need for clarity on production costs and the distribution of proceeds between NNPCL, international oil companies, and the federal government under these agreements.
Wadada further disclosed concerns over reports that NNPCL Retail had recorded losses. “It is difficult to understand why NNPCL Retail should be operating at a loss. We intend to seek clear explanations when the corporation appears before us,” he stated.
He reiterated that the committee will carefully examine NNPCL’s responses and share its findings with the public. “When we review the answers, it will be obvious which ones are satisfactory and which are not,” Wadada added.