The Senate Committee on Public Accounts has given the Nigerian National Petroleum Company Limited (NNPCL) three weeks to provide detailed explanations for N210 trillion unaccounted expenditure.
The committee chaired by Senator Ahmed Wadada (Nasarawa West) said that the amount in question was neither stolen nor missing but yet to be accounted for.
The three-week window for explanations was given to the Group Chief Executive Officer of NNPCL, Engineer Bayo Ojulari after accepting his apologies.
The committee had earlier threatened to issue an arrest warrant against Ojulari for his repeated absence from parliamentary hearings.
The GCEO had missed four consecutive committee hearings, prompting senators to threaten legal action against the oil company boss.
The committee had earlier sent three invitations to Ojulari to appear before it to explain the N210 trillion unaccounted expenditure.
The issue was raised in 2017 to 2023 audit report of the Auditor-General for the Federation against the company.
The Senate investigation stems from concerns about financial transparency and accountability in Nigeria’s oil and gas sector.
“The Senate has not accused NNPCL of stealing N210 trillion. However, we are concerned that the money has not been accounted for.”
“We are asking questions based on our constitutional duty to oversee how public funds are spent,” Wadada said.
The committee emphasized that its investigation represents legitimate parliamentary oversight rather than accusations of criminal wrongdoing.
Bayo Ojulari failed to honour an invitation by the Senate Public Accounts Committee investigating the N210 trillion allegedly unaccounted for.
Consequently, angry members of the committee ordered him to appear by 3 pm today or risk being issued an arrest warrant.
The repeated absence of the NNPCL boss frustrated committee members who demanded immediate compliance with parliamentary summons.
The Senate committee also handed queries to NNPC’s finance team and gave them one week to return with answers.
The committee’s investigation extends beyond the GCEO to include financial officers responsible for record-keeping and expenditure documentation.
This broader approach ensures comprehensive examination of the company’s financial management systems and accountability structures.
The N210 trillion figure represents one of the largest financial accountability issues in Nigeria’s recent parliamentary oversight history.
The Senate’s investigation reflects growing public concern about transparency in the management of Nigeria’s oil revenues.
Citizens and stakeholders have expressed interest in understanding how such massive expenditures occur without proper documentation.
Senator Wadada emphasized that the committee’s role involves ensuring proper accounting for public funds through constitutional oversight.
The senators stressed that their investigation focuses on accountability rather than making premature judgments about financial impropriety.
The committee maintains that transparency in public expenditure remains essential for good governance and public trust.
The oil company has yet to provide comprehensive responses to the committee’s queries about the unaccounted expenditure.
NNPCL’s delays in appearing before the committee have raised questions about its commitment to parliamentary cooperation.
The company’s eventual compliance with the three-week deadline will determine the next phase of the investigation.
The investigation has implications for Nigeria’s oil and gas sector governance and international investor confidence.
Transparency in NNPCL operations affects Nigeria’s reputation in global energy markets and foreign investment attraction.
The outcome of the Senate investigation may influence future regulatory frameworks for the petroleum industry.
The committee expects NNPCL to provide detailed documentation explaining the N210 trillion expenditure within the specified timeframe.
Failure to comply with the three-week deadline may result in more stringent parliamentary actions against the company.
The Senate reserves the right to invoke its constitutional powers to compel compliance with its oversight responsibilities.
The investigation represents significant public interest in ensuring accountability for Nigeria’s petroleum resources and revenues.
Citizens expect transparent management of oil revenues that constitute a major portion of national income and development funding.
The Senate’s investigation addresses public concerns about financial stewardship in Nigeria’s most important economic sector.
The three-week deadline marks a crucial phase in the Senate’s investigation of NNPCL’s financial accountability.