Wadada: NNPCL has answered all 19 audit queries on ‘unaccounted’ N210trn

Aliyu Wadada, chairman of the senate committee on public accounts, says the Nigerian National Petroleum Company Limited (NNPCL) has responded to all 19 questions raised over the “unaccounted” N210 trillion in its audited financial statements.

Wadada spoke on Tuesday while giving an update on the committee’s ongoing investigation into the NNPCL’s finances.

“NNPCL has provided answers to all 19 questions; yes, I can confirm that to you. What we are waiting for is to lay these answers before the committee,” he told senate correspondents.

The senator explained that the responses would be presented for consideration by the full committee, adding that he would not comment on the content of the company’s answers.

“They could either be positive or negative, but we must wait for the full session of the committee to consider them,” he said.

The committee, relying on a report from the office of the auditor-general of the federation, began scrutinising NNPCL’s financial records covering 2017 to 2023.

The audit queries revealed that N210 trillion was unaccounted for, divided into N103 trillion in liabilities and N107 trillion in assets.

The probe began before the senate went on its annual recess on July 23 but resumed briefly on July 29 for a meeting with Bayo Ojulari, the group chief executive officer (GCEO) of NNPCL.

Ojulari appeared before the committee for the first time after several missed invitations.

At the July session, Wadada clarified that the committee had not accused NNPCL of theft or missing funds but was only performing its constitutional oversight function.

“None of the 18 or 19 questions we asked NNPCL to explain neither comes from the executive or judiciary,” Wadada said.

“These are questions extracted from the audited financial statement of the NNPCL by the auditor-general covering 2017 to 2023.”

He added that the committee was only seeking accountability.

“This committee had not at any time said the N210 trillion in question was stolen or missing,” he said.

“What the committee is doing is a required investigation into the queries raised in the report in line with its constitutional mandate.”

The senator said the NNPCL was initially given three weeks to provide written responses to the 19 queries, after which the GCEO and other management staff would appear before the committee for defence.

Responding at the time, Ojulari, who had spent just over 100 days in office, requested more time to study the issues and reconcile the figures.

“I still need time to do further digging, given the perspectives I have heard now on the issues. This is coming in the midst of a huge national assignment,” he had said.

The NNPCL boss added that he would assemble a team to engage with external auditors and other relevant parties to ensure proper reconciliation of the queries.

“I need to understand the issues myself so I can respond appropriately,” Ojulari added.

“I will surely engage the external auditors and other relevant groups.”