The Senate Committee on Public Accounts has confirmed that the Nigerian Nationwide Petroleum Firm Restricted (NNPCL) has formally responded to 19 audit queries regarding discrepancies amounting to N210 trillion in its monetary data between 2017 and 2023.
Chairman of the Committee, Senator Aliyu Wadada, disclosed this in Abuja throughout an interview with journalists, clarifying that whereas the NNPCL’s response has been acquired, the committee has not but scrutinized the submitted paperwork intimately.
Wadada defined that the NNPCL had earlier requested an extension after being directed by the committee on July 29 to supply solutions inside three weeks.
The corporate’s administration, led by Chief Government Officer, Bayo Ojulari, sought extra time to compile complete knowledge and reply to the audit queries — a request that the Senate committee granted.
“Whereas we have been on recess, administration of NNPCL wrote to the committee, requesting an extension of time to allow them to compile knowledge and reply comprehensively to the questions we raised, and we granted that request.
“They’ve since responded, and we now have solutions to all 19 questions we despatched to them; nonetheless, the report is but to be offered earlier than the committee.
“That’s the reason, as chairman, I’ve shunned making any public assertion on the matter till it’s correctly laid earlier than members.
“However let me guarantee you, as I promised earlier on behalf of the committee, we’ll do justice to the matter.”
He mentioned that past the audited monetary statements, there have been different points rising across the NNPCL.
Based on him, the primary of such points is manufacturing sharing contracts.
“Particularly, the manufacturing value to Nigeria should be clearly outlined, and the general public deserves to know what portion goes to the NNPCL, what goes to the worldwide oil corporations (IOCs) and what accrues to the federal government beneath the manufacturing sharing association.
“Moreover, the committee has been knowledgeable that NNPCL Retail has declared a loss.
“This growth can be of concern to us and to the general public. We discover it obscure why NNPCL retail ought to file a loss, however we’ll search clarification when the company seems earlier than us.
“So far as the audited monetary statements are involved, which cowl the interval between 2017 and 2023. NNPC has submitted its responses to the 19 questions we requested. Nigerians and the media shall be knowledgeable of the contents in the end.
“Out of these solutions, those that make sense and people that don’t shall be evident to the general public”, he pressured.
Backstory
In July, the Senate gave the NNPCL a 21-day deadline to answer audit queries involving an unaccounted N210 trillion flagged within the Auditor-Normal’s studies overlaying 2017 to 2023.
The audit queries contain N103 trillion in liabilities and N107 trillion in belongings but to be reconciled, primarily based on audited monetary statements and never allegations from any authorities arm.
Earlier in July 2025, Ojulari failed to look at a scheduled listening to, citing an OPEC assembly in Vienna. The committee rejected a presentation made by NNPCL’s Chief Monetary Officer, Dapo Segun, insisting that solely the GCEO may tackle the queries as reported by BusinessTimes.
In June, the Senate mentioned that it may be compelled to problem an arrest warrant if Ojulari failed to look on the mentioned date.
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