N210 Trillion: Oshiomhole Challenges NNPC Officials Over ‘Secrets’ During Senate Probe

Senator Adams Oshiomhole, representing Edo North, has criticised officials of the Nigerian National Petroleum Company (NNPC) Limited for suggesting they had “secrets” with their principal that could not be disclosed, insisting that the company is accountable to the Nigerian people and must operate transparently.

Speaking during a Senate Public Accounts Committee hearing on Wednesday, where lawmakers requested detailed schedules and audit working papers explaining approximately N107 trillion classified as receivables and N103 trillion listed as payables in the audited accounts, Oshiomhole argued that NNPC, being entirely owned by the Federal Government on behalf of Nigerians, has no justification for withholding information from the National Assembly, which he said represents the interests of the citizens.

“You said there are secrets between you and your principal that you can’t explain. You are not entitled to keep secrets from your owners,” Oshiomhole said. “NNPC is 100 per cent owned by the Nigerian masses. It is our business, and the people elect us. You are not.”

The former Edo State governor maintained that the Senate has a constitutional responsibility to scrutinise the management of public assets and demand full disclosure from government-owned enterprises.

Oshiomhole described the reference to undisclosed “secrets” as a “very serious problem,” urging the officials to clarify what information they were unable to reveal and why.

He also questioned the process through which figures relating to debts and receivables were compiled, saying auditors and investigators should have identified those responsible for outstanding liabilities and engaged the NNPC in detailed discussions before reaching their conclusions.

According to him, any audit findings should be backed by interactions between auditors and the NNPC to allow for explanations and reconciliation of records before final reports are produced.

“I need to understand the meaning of ‘secrets.’ It cannot be a licence to keep information away from the Nigerian people, especially not before this committee,” he said.

Meanwhile, the Senate Public Accounts Committee has ordered the external auditors of the Nigerian National Petroleum Company Limited (NNPC Ltd.) to submit, within one week, all documents supporting more than N210 trillion recorded as receivables and payables in the company’s audited financial statements.

The audit firm had appealed for a two-week extension, explaining that the requested records formed part of its audit working papers and would require additional time to retrieve.

However, the committee declined the request, insisting that the documents must be produced within seven days.

Chairman of the committee, Senator Ibrahim Dankwambo, expressed concern over the auditors’ inability to immediately present records supporting financial statements they had already certified. He questioned why additional time was needed to produce documents that formed the basis of an audit opinion already issued.

“If you already have the figures in your working papers, why do you need to go back before presenting them to this committee?” he asked.