Bayo Ojulari
By Olayiwola Mercy
The Senate Committee on Public Accounts has rejected the Nigerian National Petroleum Company Limited’s (NNPCL) explanations regarding the unaccounted N210 trillion from 2017 to 2023. The committee is not pleased with NNPCL’s written responses, calling them “offensive evasiveness” and demanding that the Group Chief Executive Officer, Bayo Ojulari, appears in person to answer questions.
The N210 trillion comprises N103 trillion in accrued expenses and N107 trillion in receivables. However, the committee finds these figures unjustifiable and unacceptable, pointing out that NNPCL’s explanations contradict available facts and evidence. The committee is determined to get to the bottom of the issue and has warned that if Ojulari doesn’t appear, they will subpoena former officials of NNPCL and NAPIMS.
The committee is questioning NNPCL’s claim of paying N103 trillion in cash calls to joint venture partners in 2023, despite generating only N24 trillion in revenue between 2017 and 2022. They’ve demanded that the N103 trillion be returned to the treasury pending clarification from the company. The committee is also seeking explanations for the N107 trillion listed as receivables, asking NNPCL to provide details on who owes the money and when it will be paid.
The Senate Committee’s probe is part of efforts to address concerns over the management of Nigeria’s oil revenues and ensure accountability in the petroleum sector. The committee’s chairman emphasized that NNPCL’s explanations were unsatisfactory and lacked transparency, highlighting the need for greater oversight and scrutiny of the company’s financial dealings.
The committee has given NNPCL a short window to respond and produce relevant documents, warning that failure to comply will result in severe consequences. The committee’s aggressive stance on this issue underscores the government’s commitment to tackling corruption and ensuring that public officials and institutions are held accountable for their actions.
The outcome of this probe is eagerly awaited, with many Nigerians watching closely to see if the committee’s demands will be met and if those responsible for the unaccounted funds will be brought to justice.
