₦210 Trillion Scandal: Senate Reviews NNPCL’s Sh*cking Response

The Senate has confirmed that the Nigerian National Petroleum Company Limited (NNPCL) has submitted detailed responses to 19 audit queries over the alleged ₦210 trillion unaccounted funds in its financial records from 2017 to 2023.

Chairman of the Senate Committee on Public Accounts, Senator Aliyu Wadada (Nasarawa West), disclosed this during a media briefing at the National Assembly in Abuja.

According to him, NNPCL had earlier requested an extension during the National Assembly recess to compile necessary data and documents before addressing the committee’s inquiries.

“The management of NNPCL wrote to us asking for more time to prepare their responses. We granted the extension, and they have now addressed all 19 queries. However, the report is yet to be laid before the full committee,” Wadada explained.

The queries, he added, arose from inconsistencies in the company’s audited accounts, which the Senate previously described as “lacking transparency and accountability.”

Senate Yet to Review NNPCL’s Response

Wadada assured that the committee would thoroughly and impartially examine the submissions before issuing any recommendations.

“I deliberately refrained from making public comments until we officially review the report. But I assure Nigerians that justice will be done,” he said.

He stressed that the review would rely strictly on facts, documents, and verifiable financial evidence to guarantee accountability in the management of public funds.

More Red Flags in NNPCL Operations

Beyond the ₦210 trillion audit queries, Wadada revealed additional concerns over NNPCL’s operational efficiency, particularly with Production Sharing Contracts (PSCs) and the performance of its subsidiary, NNPC Retail.

“We’ve been informed that NNPC Retail is running at a loss, which is worrisome. How can a retail arm of the national oil company be unprofitable in today’s market? This will also be investigated,” he stated.

Earlier, on July 29, the Senate Committee had given NNPCL’s Group Chief Executive Officer, Engr. Bayo Ojulari, three weeks to explain the audit discrepancies.

Wadada reiterated that the committee’s findings would be made public once the review was concluded, stressing the Senate’s commitment to transparency and due process.

“We will not hide anything from Nigerians. Once our review is complete, the findings will be presented openly,” he assured.

“Our ultimate goal is to ensure accountability in public finance and restore citizens’ confidence in national institutions.”