The Bayo Ojulari-led Nigerian National Petroleum Company Limited (NNPCL) has 21 days to explain what happened to N210 trillion cash that has not been accounted for.
Ojulari, Group Chief Executive Officer (GCEO) of the NNPCL, got the three-week ultimatum yesterday when he appeared before the Senate Committee on Public Accounts.
The NNPCL boss had failed four times to heed the summons of the panel. But he appeared yesterday with an apology which the committee accepted.
Committee Chairman Senator Ahmed Wadada (Nasarawa West), who insisted that the government-run oil company must explain the queries on the funds’ whereabouts, said the N210 trillion was neither stolen, nor missing.
After his apologies, the NNPC boss explained that he needed more time to study the issues raised in the 19 queries so as to satisfactorily respond to them.
Ojulari said: “I’m just over 100 days in office as the GCEO of NNPCL. I still need time to do further digging, given the perspectives I have heard now into the issues, this is coming in the midst of a huge national assignment, your explanation now changes my perspective about the issues.
“I need to understand the issues myself so I can respond appropriately. I will get a team and get the details properly reconciled so we can work to provide answers to the queries.
“In doing this, I will surely engage the external auditors and other relevant groups.”
Though he requested four weeks, the committee granted him three weeks which according to him, is enough for the response expected from NNPCL.
Explaining the content of the queries to the NNPCL GCEO, Wadada said the N210 trillion unaccounted fund are broadly in two components of N103 trillion liabilities and N107 trillion assets, which according to him, must be accounted for.
He said: “These are questions extracted from the audited financial statements of the NNPCL by the Auditor General covering 2017 to 2023.
“Also this committee had not at any time said the N210trillion was stolen or missing. What the committee is doing is to investigate queries raised in the report in line with its constitutional mandate.
“Therefore, the committee is giving NNPCL three weeks to forward written responses to it on all the 19 queries after which the GCEO will be invited along with other management staff for physical appearance and defence.”
