<p><!-- BEGIN THEIA POST SLIDER --></p>
<!-- WP QUADS Content Ad Plugin v. 2.0.95 -->
<div class="quads-location quads-ad4" id="quads-ad4" style="float:none;margin:0px;">

</div>

<p> ;</p><div class="uVPaXjuk" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

<!-- TV -->

<ins class="adsbygoogle"

 style="display:block"

 data-ad-client="ca-pub-4403533287178375"

 data-ad-slot="4399361195"

 data-ad-format="auto"

 data-full-width-responsive="true"></ins>

<script>

 (adsbygoogle = window.adsbygoogle || []).push({});

</script></div>
<p>By Yusuf Danjuma Yunusa</p><div class="QcbjzNkE" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

<!-- TV -->

<ins class="adsbygoogle"

 style="display:block"

 data-ad-client="ca-pub-4403533287178375"

 data-ad-slot="4399361195"

 data-ad-format="auto"

 data-full-width-responsive="true"></ins>

<script>

 (adsbygoogle = window.adsbygoogle || []).push({});

</script></div>
<p>The Nigerian Senate has directed the Nigerian National Petroleum Company Limited (NNPCL) to reimburse the Federation Account with â¦210 trillion. The order was issued after the Senate formally rejected the company&#8217;s justifications for the unaccounted funds.</p>
<p>The decision came to a head when NNPCL Group Chief Executive Officer, Bayo Ojulari, declined to appear before the Senate Committee on Public Accounts. He had been summoned to clarify the NNPCL&#8217;s official responses to 19 detailed financial queries. With his non-appearance and the submitted explanations found to be insufficient, the Committee proceeded with the directive for a full refund.</p>
<p>The committee, chaired by Senator Aliyu Wadada, has been investigating the firm’s financial operations from 2017 to 2023.</p>
<!-- WP QUADS Content Ad Plugin v. 2.0.95 -->
<div class="quads-location quads-ad1" id="quads-ad1" style="float:none;margin:0px;">

</div>
<div class="rCKPcFMY" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

<ins class="adsbygoogle"

 style="display:block; text-align:center;"

 data-ad-layout="in-article"

 data-ad-format="fluid"

 data-ad-client="ca-pub-4403533287178375"

 data-ad-slot="6550225277"></ins>

<script>

 (adsbygoogle = window.adsbygoogle || []).push({});

</script></div>
<p>Its probe revealed â¦103 trillion listed as accrued expenses and â¦107 trillion as receivables in NNPCL’s audited financial statements — figures the Senate described as “contradictory and unjustifiable.”</p>
<!-- WP QUADS Content Ad Plugin v. 2.0.95 -->
<div class="quads-location quads-ad3" id="quads-ad3" style="float:none;margin:0px;">

</div>

<p>Wadada, while addressing the committee, said NNPCL’s claims raised serious concerns about transparency and accountability in the management of public funds.</p>
<p>&#8220;NNPC claimed â¦103 trillion as accrued expenses and â¦107 trillion as receivables -amounting to â¦210 trillion. On question eight, NNPC’s explanation on the â¦107 trillion receivables -equivalent to about $117 billion -contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this,” Wadada stated.</p>
<p>He further questioned how the company could have paid â¦103 trillion in cash calls to Joint Venture (JV) partners in 2023 alone, despite generating only â¦24 trillion in crude revenue between 2017 and 2022.</p>
<p>&#8220;Cash Call arrangements were abolished in 2016 under the President Muhammadu Buhari administration. How can NNPC claim to have paid â¦103trn in one year, when it only generated â¦24trn in revenue over five years? Where did NNPC get that money?” he queried.</p>
<p>Adding that the company’s explanations is unsatisfactory, Wadada said the committee would not hesitate to summon former officials of NNPCL and the National Petroleum Investment Management Services (NAPIMS) if the current management fails to provide credible answers.</p>
<p><!-- END THEIA POST SLIDER -->
<!-- WP QUADS Content Ad Plugin v. 2.0.95 -->
<div class="quads-location quads-ad4" id="quads-ad4" style="float:none;margin:0px;">

</div>
</p>
<script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

<ins class="adsbygoogle"

 style="display:block"

 data-ad-format="autorelaxed"

 data-ad-client="ca-pub-4403533287178375"

 data-ad-slot="1004305389"></ins>

<script>

 (adsbygoogle = window.adsbygoogle || []).push({});

</script>
<!-- WP QUADS Content Ad Plugin v. 2.0.95 -->
<div class="quads-location quads-ad5" id="quads-ad5" style="float:none;margin:0px;">

</div>


