N210tn unaccounted fund: Oshiomhole slams NNPCL GMD Ojulari for covering fraud

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow

Adams Oshiomhole, a senator from Edo North, attacked Bayo Ojulari, the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation Limited (NNPCL), on Thursday for allegedly trying to conceal fraud in the financial records of the state-owned oil corporation.

During a Senate Committee on Public Accounts meeting, Oshiomhole made the accusation. The committee rejected the NNPCL’s financial reports about claims of N210 trillion in receivables and expenses between 2017 and 2023.

Despite the size of the financial disparities, the former governor of Edo State voiced worry that the NNPCL leadership had not appeared before the committee to defend the figures or offered adequate explanations.

He lamented the fact that the NNPCL’s purported financial mishandling entailed amounts larger than what President Bola Tinubu’s administration is presently attempting to borrow from foreign creditors.

The senator further encouraged the committee to use its constitutional authority under the 1999 Constitution (as amended) to summon and, if required, compel the head of NNPCL to appear 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.

In accordance with the Senate’s oversight duties, the committee, led by Senator Aliyu Wadada of Nasarawa West, pledged to increase its examination of the NNPCL finances and guarantee accountability.

Recall that months ago, Adedapo Segun, the Chief Financial Officer of NNPCL, informed the Senate Committee that the purportedly missing funds from 2017 to 2023 were settlements to joint venture (JV) partners and cash calls requested by the JVs.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.