The Senate Committee on Public Accounts states that the Nigerian National Petroleum Company Limited has responded to 19 queries raised against it in the audit reports for the years 2017 to 2023.
Chairman of the committee, Aliyu Wadada, disclosed this in an interview in Abuja.
Mr Wadada said that NNPCL had responded to the queries, adding that the committee has yet to critically examine the responses provided by NNPCL.
The committee had, on July 29, given the CEO of NNPCL, Bayo Ojulari, three weeks to respond to 19 queries regarding the N210 trillion yet to be accounted for in the company’s audited accounts.
“While we were on recess, management of NNPCL wrote to the committee, requesting an extension of time to enable them to compile data and respond comprehensively to the questions we raised, and we granted that request.
“They had since responded, and we now have answers to all 19 questions we sent to them; however, the report is yet to be presented before the committee.
“That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members. But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter,” Mr Wadada said
He stated that, beyond the audited financial statements, other issues were emerging around the NNPCL.
According to him, the first of such issues is production sharing contracts.
“Specifically, the production cost to Nigeria must be clearly defined, and the public deserves to know what portion goes to the NNPCL, what goes to the International Oil Companies, and what accrues to the government under the production sharing arrangement. Furthermore, the committee has been informed that NNPCL Retail has declared a loss.
“This development is also of concern to us and to the public. We find it difficult to understand why NNPCL retail should record a loss, but we will seek clarification when the corporation appears before us.
“As far as the audited financial statements are concerned, which cover the period between 2017 and 2023. NNPC has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course. Out of those answers, the ones that make sense and those that do not will be evident to the public,” he explained.
(NAN)
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