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The Senator representing Edo North, Adams Oshiomhole, on Thursday criticized the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation Limited (NNPCL), Bayo Ojulari, for an alleged attempt to conceal fraudulent activities within the state-owned oil company's financial records.
Oshiomhole made this accusation during a session of the Senate Committee on Public Accounts, which rejected the NNPCL’s financial reports due to claims of N210 trillion in expenses and receivables from 2017 to 2023.
The former governor of Edo State expressed his concerns that, despite the scale of the financial irregularities, the NNPCL leadership had not provided adequate explanations or appeared before the committee to justify the reported figures.
He noted that the alleged financial mismanagement within the NNPCL involves amounts exceeding what President Bola Tinubu’s administration is currently attempting to borrow from international creditors.
The senator also urged the committee to exercise its constitutional authority under the 1999 Constitution (as amended) to summon and, if necessary, compel the NNPCL chief to appear before the Senate.
“You should be willing to explain what you have inherited. However, time and again, the GMD fails to show up here. Charging a subsidy on refined products is essentially monumental fraud. The sums involved are significantly greater than what the president is trying to borrow from foreign nations,” he stated in a widely circulated video.
The committee, led by Senator Aliyu Wadada (Nasarawa West), pledged to intensify its examination of the NNPCL's accounts and ensure accountability in accordance with the Senate’s oversight responsibilities.
It is worth noting that months ago, the NNPCL’s Chief Financial Officer, Adedapo Segun, informed the Senate Committee that the figures from 2017 to 2023 represented cash calls requested by joint venture (JV) partners and payments to the JVs.
Frequently Asked Questions
What allegations did Senator Oshiomhole make against the NNPCL?
Senator Oshiomhole accused the NNPCL of attempting to conceal fraudulent activities in its financial records and failing to provide satisfactory explanations for significant financial discrepancies.
What was the response of the Senate Committee on Public Accounts?
The committee rejected the NNPCL's financial submissions and vowed to intensify scrutiny of the accounts to ensure accountability.
What did the NNPCL's Chief Financial Officer say about the financial figures?
The Chief Financial Officer, Adedapo Segun, stated that the figures from 2017 to 2023 were cash calls requested by joint venture partners and payments made to the JVs.
