NNPCL Responds to Senate’s 19 Queries on N210 Trillion Unaccounted Funds

The Nigerian National Petroleum Company Limited (NNPCL) has officially submitted responses to 19 financial queries issued by the Senate over unaccounted funds totaling N210 trillion, covering the period between 2017 and 2023.

Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada, disclosed this on Tuesday during a media briefing in Abuja. He confirmed that the responses from NNPCL had been received, though the committee had not yet commenced its review.

“The management of NNPCL wrote to us during the recess requesting additional time to compile relevant data and provide comprehensive responses. That extension was granted, and they have since responded to all 19 queries,” Wadada stated.

The queries stem from discrepancies and omissions identified in NNPCL’s audited financial statements over a six-year period. The committee had previously directed NNPCL’s Group Chief Executive Officer, Engineer Bayo Ojulari, to respond to the queries by late August.

Wadada emphasized that the committee is withholding public comment until it fully evaluates the responses.

“As I’ve said before, we are committed to doing justice to this matter. Once we lay the responses before the full committee, we will determine which answers are satisfactory and which require further scrutiny,” he said.

Concerns Over Production Sharing Contracts and Losses

Beyond the audit queries, the Senate committee is also raising fresh concerns around the company’s production sharing contracts (PSCs) with international oil companies. Wadada said questions remain regarding the breakdown of production costs and the allocation of proceeds among NNPCL, foreign partners, and the federal government.

He also expressed concern over reported losses declared by NNPC Retail, the company’s downstream subsidiary.

“We find it difficult to understand why NNPC Retail, operating in a high-demand market, would be operating at a loss. That issue will be addressed directly when NNPCL appears before the committee,” he added.

Wadada assured that the committee’s findings will be made public once the review process is complete, reiterating the Senate’s commitment to transparency and accountability in the management of public resources.

“As far as the audited financials from 2017 to 2023 are concerned, we now have NNPCL’s responses. What makes sense and what doesn’t will become evident to the public soon enough,” he concluded.