NNPCL Submits Responses to Senate’s N210 Trillion Unaccounted Funds Probe

NNPCL Submits Responses to Senate’s N210 Trillion Unaccounted Funds Probe

The Nigerian National Petroleum Company Limited (NNPCL) has formally addressed 19 queries raised by the Senate Committee on Public Accounts concerning N210 trillion in unaccounted funds from its audited financial statements spanning 2017 to 2023, according to Senator Aliyu Wadada, the committee’s chairman. Speaking to journalists in Abuja on Tuesday, Wadada revealed that NNPCL’s responses, submitted after a requested extension, are now under review, with findings to be disclosed publicly once scrutinized.Wadada recalled that on July 29, 2025, the committee mandated NNPCL’s Group Chief Executive Officer, Engineer Bayo Ojulari, to respond within three weeks to the queries. After NNPCL sought additional time to compile comprehensive data, the committee granted the extension, and the corporation has since provided answers to all 19 questions. “They have responded, but we have not yet presented the submissions to committee members, so no public statement on their content will be made until the report is formally laid,” Wadada stated, assuring that the committee would thoroughly examine the responses to ensure justice in the matter.Beyond the audited accounts, Wadada highlighted emerging concerns about production sharing contracts, particularly the allocation of production costs among NNPCL, international oil companies, and the federal government. He also flagged a reported loss by NNPCL Retail as a point requiring further investigation. “We find it difficult to understand why NNPCL Retail should record a loss, but we will seek clarification when the corporation appears before us,” he noted.Wadada emphasized transparency, promising that the public and media would be informed of the committee’s findings once the review is complete. “Out of those answers, the ones that make sense and those that do not will be evident to the public,” he said, underscoring the committee’s commitment to clarity on the N210 trillion queried in NNPCL’s financial records from 2017 to 2023.  

Source: NNPCL Submits Responses to Senate’s N210 Trillion Unaccounted Funds Probe

 - NigerianEye
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