NNPC Retail loss, concern to Senate – Wadada

…says NNPCL has responded to Senate’s queries on unaccounted N210trn

The Senate Committee on Public Accounts has expressed concern over the reported loss declared by NNPC Retail, describing the development as worrisome and demanding full clarification from the Nigerian National Petroleum Company Limited (NNPCL).

Aliyu Wadada (Nasarawa West), Chairman of the Committee, disclosed this on Tuesday while speaking with journalists at the National Assembly after plenary.

He confirmed that the NNPCL had responded to the 19 audit queries issued against it by the Senate, covering the period between 2017 and 2023, involving over N210 trillion reportedly unaccounted for in the audited statements of the national oil company.

Wadada explained that although the Committee had given Bayo Ojulari, the NNPCL Chief Executive Officer, a three-week ultimatum in July to respond to the queries, the company had sought an extension while lawmakers were on recess to enable it to compile relevant data and documents.

He said, “While we were on recess, management of NNPCL wrote to the committee requesting an extension of time to enable them to compile data and respond comprehensively to the questions we raised, and we granted that request.

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“They have since responded, and we now have answers to all 19 questions we sent to them.”

The senator, however, noted that the responses were yet to be tabled before the committee for deliberation.

“The report is yet to be presented before the Committee. That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.

“But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter”, he added.

He revealed that the Committee’s investigation went beyond the audited accounts, adding that new issues had emerged around the operations of the national oil company.

According to him, one of such issues concerns the production sharing contracts (PSCs), particularly the actual production cost to Nigeria and the need for transparency in the sharing formula among stakeholders.

“The public deserves to know what portion goes to the NNPCL, what goes to the international oil companies (IOCs), and what accrues to the federal government under the production sharing arrangement,” he stated.

Wadada also confirmed that the committee had been informed that NNPC Retail Limited declared a loss, a situation he said raised serious questions about efficiency and accountability.

“The committee has been informed that NNPC Retail has declared a loss. This development is of concern to us and to the public. We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us,” he said.

He assured that Nigerians and the media would be duly briefed on the contents of NNPCL’s responses once the committee reviews them.

“As far as the audited financial statements are concerned, which cover the period between 2017 and 2023, NNPCL has submitted its responses to the 19 questions we asked.

“Nigerians will know the details in due course. Out of those answers, the ones that make sense and those that do not will be evident to the public,” Wadada said.