The Senate Committee on Public Accounts has raised concerns over reports that NNPC Retail, a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL), has declared losses despite its strategic position in the downstream oil sector.
Chairman of the committee, Senator Aliyu Wadada (SDP, Nasarawa West), disclosed this during an interaction with journalists in Abuja on Monday.
Wadada said the development was “worrisome” and of public interest, stressing that the committee would summon NNPC Retail to explain the circumstances behind the reported loss.
He revealed that the committee had earlier issued 19 queries to NNPC Limited over its audited financial statements covering 2017 to 2023.
According to him, the company has since responded to all the questions, though the documents are yet to be laid before members of the committee.
The senator clarified that the ultimatum given to NNPC to respond to the queries was issued before the National Assembly went on recess.
He added that during the recess, NNPC wrote to the committee seeking an extension of time to compile the data, a request which was granted.
Wadada further disclosed that beyond the audited accounts, the committee would also scrutinise other issues, particularly the Production Sharing Contracts (PSCs) with international oil companies (IOCs).If You’re Reading From Phoenix Click On Read Original at the top To Read Full Article
The committee chairman assured that justice would be done to all matters under investigation, promising transparency in the handling of NNPC’s accounts and operations.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
