LunagisthubSenate Committee Queries NNPCL Over ₦210 Trillion Financial Discrepancies
The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) 21 days to explain financial discrepancies totaling ₦210 trillion. This amount includes ₦103 trillion in liabilities and ₦107 trillion in assets, which lawmakers have described as troubling and largely unsubstantiated.
NNPCL’s Group Chief Executive Officer, Bayo Ojulari, appeared before the committee and requested more time to respond adequately to the queries. He explained that he had been in office for barely 100 days and needed time to fully understand the issues flagged in the company’s audited financial statements covering 2017 to 2023.
The Chairman of the Committee, Senator Aliyu Wadada, expressed concerns over the figures, stating that they raised red flags. He emphasized that the liability figure could not be substantiated and was therefore not acceptable to the committee. The senator also noted that the receivables making up the asset component could not be verified.
Ojulari pledged to assemble a team to work on the queries and provide the committee with the required answers. The committee expects NNPCL to provide detailed explanations on the financial discrepancies within the given timeframe .
Lunagisthub
