…As Oshiomhole slams Ojulari for covering records of fraud
The Senate has ordered the Nigerian National Petroleum Company Limited (NNPCL) to refund ₦210 trillion in unaccounted funds to the Federation Account after rejecting the company’s explanations over the missing sum.
Recall that the Senator representing Edo-North, Adams Oshiomhole, on Thursday slammed the NNPCL Group Managing Director (GMD), Bayo Ojulari, over an alleged attempt to cover up fraud in the state-owned oil company’s financial records.
Oshiomhole made the allegation during a session of the Senate Committee on Public Accounts, which rejected the NNPCL’s financial submissions over claims of ₦210 trillion in expenses and receivables between 2017 and 2023.
The former Edo State governor expressed concern that despite the magnitude of the financial discrepancies, the NNPCL leadership had failed to provide satisfactory explanations or appear before the committee to defend the figures.
He lamented that the alleged financial mismanagement within the NNPCL involved sums greater than what President Bola Tinubu’s administration is currently seeking to borrow from foreign creditors.
The Senator further urged the committee to exercise its constitutional powers under the 1999 Constitution (as amended) to summon and, if necessary, compel the appearance of the NNPCL boss before the Senate.
“Being allowed to explain what happened that you have inherited is something you should do freely. But time and time again, the GMD is never going to come here. Charging a subsidy on refined product, the real words for it is monumental fraud. The amount involved is far more than what the president is struggling to borrow from a foreign country”, he said in a viral video.
The committee, chaired by Senator Aliyu Wadada (Nasarawa-West), vowed to intensify its scrutiny of the NNPCL accounts and ensure accountability in line with the Senate’s oversight functions.
Recall that months ago, NNPCL’s Chief Financial Officer, Adedapo Segun, had told the Senate Committee that the alleged missing funds spanning from 2017 to 2023 were cash calls requested by joint venture (JV) partners and settlement to the JVs.
