SENATE REJECTS NNPCL’S EXPLANATION ON ₦210 TRILLION UNACCOUNTED FUNDS

The Senate has rejected explanations provided by the Nigerian National Petroleum Company Limited (NNPCL) over the alleged ₦210 trillionunaccounted funds, insisting that the amount must be refunded to the Federation Account.

The decision followed months of investigation by the Senate Committee on Public Accounts, chaired by Senator ALIYU WADADA, which reviewed NNPCL’s financial operations between 2017 and 2023.

During its resumed session yesterday, the committee expressed displeasure over the absence of the Group Chief Executive Officer (GCEO) of NNPCL, BAYO OJULARI, , who failed to appear before lawmakers to clarify the company’s responses to 19 queries raised about the missing funds.

According to the committee’s findings, the NNPCL’s audited financial statements contained unexplained transactions amounting to ₦103 trillion in accrued expenses and ₦107 trillion in receivables, prompting the probe.

At the Tuesday session, WADADA noted that OJULARI’S absence, showed a lack of seriousness on the part of the corporation, and consequently reaffirmed the committee’sposition that the unaccounted ₦210 trillion must be returned to the Federation Account.