Senate Rejects NNPCL’s Explanations, Demands Refund of ₦210 Trillion
The Senate has rejected the explanations offered by the Nigerian National Petroleum Company Limited (NNPCL) over the ₦210 trillion said to be outstanding against the oil company, insisting that the funds must be refunded to the Federation Account.
The decision followed the inability of the NNPCL’s Group Chief Executive Officer (GCEO), Bayo Ojulari, to appear before the Senate Committee on Public Accounts during its resumed session at the National Assembly on Tuesday.
The committee, chaired by Senator Aliyu Wadada, has been probing the controversial amount for several months. Lawmakers said the company’s written submissions and previous explanations failed to satisfactorily address key issues surrounding the alleged unremitted funds.
During Tuesday’s session, the committee expressed frustration that NNPCL had repeatedly failed to provide comprehensive records or verifiable evidence of how the funds were utilized or accounted for.
“The explanations provided so far are grossly inadequate and unacceptable. NNPCL must refund the ₦210 trillion to the Federation Account,” a committee member declared after deliberations.
The panel resolved to forward its report and recommendations to the Senate leadership for further legislative action, which may include summoning top NNPCL executives or requesting a forensic audit of the company’s accounts.
The ₦210 trillion in question reportedly covers remittances, crude oil proceeds, and other statutory payments due to the Federation Account over a period of years, which auditors said were either under-reported or unremitted.
As of press time, the NNPCL had yet to issue an official response to the Senate’s latest position.
