Alleged missing N210trn: Senate panel extends ultimatum again for NNPC's appearance

The Senate Committee on Public Accounts has again extended its ultimatum to the Nigerian National Petroleum Company Limited (NNPC Ltd) over the alleged unaccounted N210 trillion in the company’s audited financial statements between 2017 and 2023.

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The Committee Chairperson, Aliyu Wadada (SDP, Nasarawa West) announced the extension during a meeting on Thursday at the National Assembly.

This is the third time the committee is granting the oil firm more time to clarify the discrepancies.

The latest extension became necessary following the failure of the Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, to honour the committee’s summons in person. Instead, Mr Ojulari sent a delegation led by the company’s Chief Financial Officer, Dapo Segun.

Mr Wadada said the new date for appearance would be communicated soon, but he emphasised that Mr Ojulari must personally appear before the panel or risk legislative sanctions.

“On your next appointment, you must be led by the group managing director. Your next appointment date will be communicated to you. There’s nothing personal with this committee with anybody,” he said.

The failure of NNPC Ltd to respond directly to the Senate’s queries has raised public suspicions about the alleged deep-rooted corruption in the company. For weeks, the NNPC Ltd has been at the centre of multiple corruption allegations involving the mismanagement of trillions of naira.

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Some analysts said many of the corrupt practices were allegedly perpetrated by the former NNPC Chief, Mele Kyari, who was sacked by President Bola Tinubu in April after several petitions against him. However, many others submitted that the problems go beyond one individual.

The company, now under Mr Ojulari, has yet to address the accusations or offer a clear defence regarding the alleged missing funds.

The NNPC management only said that being summoned by the Senate committee over the alleged missing N210 trillion could damage public trust in government institutions.

On Wednesday, Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, said the agency conducted a preliminary probe into Nigeria’s oil and gas sector and discovered ‘mind-boggling’ corruption cases.

Although Mr Olukoyede did not mention names, NNPC is the key player in the country’s oil industry and given its dominance in the sector, the implications are clear.

In June, the Senate committee initially issued a seven-day ultimatum to the NNPC to explain the N210 trillion discrepancy in its financial records. The company, however, failed to meet that deadline, because its top officials were attending a retreat.

The company then requested an additional 20 days to collate relevant documents, but the committee rejected, instead issued another 10-working-day ultimatum. The ultimatum has expired today.

Why Mr Ojulari couldn’t appear for questioning

During the session, Mr Segun, informed the senators that the Group Chief Executive Officer was unable to attend the meeting in person because he was part of Nigeria’s delegation to the Organization of the Petroleum Exporting Countries (OPEC) meeting.

Despite this, the chief financial officer appealed to the lawmakers to permit him to deliver the presentation on behalf of his principal.

Senators reject request

However, members of the committee rejected the request.

Bauchi Central Senator, Abdul Ningi criticised the NNPC for travelling to attend the OPEC meeting and ignoring the legislature.

“There is nothing personal between us and representatives of the NNPC. We are only asking them to comply with the legislation that that national assembly has. The NNPC GMD could have sent a letter a long time before he travelled and explained his travel schedule.

“He’s only traveling because he’s the GMD. He should understand that his first responsibility is to the legislature and Nigeria not the OPEC. I find it very disturbing and it is not acceptable,” he said.

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Edo North Senator, Adams Oshiomhole, also shared a similar position, accusing NNPC of repeated contempt and warned that the legislature has the power to enforce compliance.

“We have indulged the NNPC too much. Anybody who is too big to keep to the Nigerian constitution should relocate. We have the power and if you fail to comply we have the power to arrest. This committee must be respected. We’re empowered by our constitution. NNPC has a history that is dirty, a history of fraud. We’re not pleading. They either take the advantage we have given or the door will be shut,” Mr Oshiomhole added.

Borno Central Senator, Kaka Shehu, also condemned the act of sending subordinates to such a hearing, describing the action as “insultive” and a sign of disregard for national accountability.

“It is very insultive for the GMD to send subordinate officers to appear on his behalf. We cannot take this kind of thing for granted. It is either you sit down and wear your thinking cap or we’ll involve our powers,’’ he added.

Mr Wadada, however, intervened and warned NNPC against avoiding oversight by the National Assembly.

“There was never a period that this committee said the NNPC stole N210 trillion, but this committee said the NNPC must be accountable for the N210 trillion. It is not the responsibility of anybody, it is your responsibility,” he added

The chairman subsequently ruled that the group chief executive officer must appear before the committee on a date that will be communicated to the company in due course.