The Nigerian National Petroleum Company Limited (NNPCL) has formally submitted responses to 19 audit queries issued by the Senate Committee on Public Accounts over discrepancies totaling N210 trillion in its financial records from 2017 to 2023.
Chairman of the Committee, Senator Aliyu Wadada, confirmed in Abuja that the documents had been received, though the committee has yet to review them in detail. He said the NNPCL had earlier sought an extension after being directed on July 29 to respond within three weeks, which the Senate granted.
“While we were on recess, management of NNPCL wrote to the committee, requesting an extension to compile data and respond comprehensively to the questions we raised, and we granted that request,” Wadada stated. “They have since responded, and we now have answers to all 19 questions we sent to them.”
The senator added that the committee will present the report for consideration soon, noting that its review would determine which explanations are satisfactory.
Beyond the audit queries, Wadada said the committee is also examining issues surrounding production sharing contracts and the financial performance of NNPCL Retail, which reportedly recorded losses despite its dominant market position.
He emphasized that the committee would demand full clarification from NNPCL when it appears before lawmakers, particularly on production costs, revenue sharing with international oil companies, and government accruals under joint production arrangements.
The audit review covers seven years of NNPCL’s operations and includes N103 trillion in liabilities and N107 trillion in unreconciled assets identified by the Auditor-General’s report.
In July, NNPCL’s Group CEO, Bayo Ojulari, failed to appear before the committee, citing an OPEC meeting in Vienna, prompting the Senate to consider issuing an arrest warrant.
