N210tn Discrepancy in NNPCL Audited Financials, Unaccounted For, Not Stolen – Senate

The Senate Committee on Public Accounts has clarified that the N210 trillion flagged in the Nigerian National Petroleum Company Limited (NNPCL)’s Audited Financial reports from 2017 to 2023 is not an accusation of theft, but an unaccounted for discrepancy that demands urgent explanation.

Chairman of the Committee, Senator Aliyu Wadada Ahmed (SDP, Nasarawa West), stated this during Thursday’s investigative hearing with NNPCL, as part of the Senate’s ongoing scrutiny of public finances.

The Committee reiterated that only the Group Chief Executive Officer (GCEO), Bayo Ojulari, can address the discrepancies and other queries raised in the audit reports.

Despite being summoned since June 26, the GCEO again failed to appear, sending the Chief Financial Officer, Dapo Segun, in his place citing his attendance at an OPEC meeting in Vienna, Austria.

But the Senate wasn’t having it as Senator Abdul Ningi (PDP, Bauchi Central) firmly rejected the CFO’s appearance, accusing NNPCL of undermining the authority of the Senate by repeatedly ignoring direct summons.

Senator Adams Oshiomhole (APC, Edo North) was even more direct, stating that no one is too big to answer to Parliament.

The Committee, led by Senator Wadada, reaffirmed that it would not accept any presentation from anyone other than the GCEO and would communicate a new date for his mandatory appearance.

Senator Wadada emphasized that the Committee harbors no bias against NNPCL or its leadership, but is committed to upholding the Constitution and safeguarding public funds.

Responding to Media criticisms questioning the Committee’s competence, Wadada reminded Nigerians that the membership of Committee boasts of financial heavyweights, including:Senator Ibrahim Dankwambo, former Accountant-General of the Federation; Senator Joel Onowakpo-Thomas, a U.S., U.K., and NNPC-certified forensic accountant

The Senate insists that NNPCL must account for the N210 trillion discrepancy and that GCEO Ojulari must appear in person to do so.

Editor: Ken Eseni