Senate Probes NNPCL, Summons Kyari Over Alleged N210trn Financial Gap

The Senate Committee on Public Accounts has summoned the immediate past Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over an alleged N210 trillion that auditors say was not properly accounted for in the company’s financial records between 2017 and 2023.

Also invited to appear before the committee are the former Chief Financial Officer, Umar Ajia Isa, and the former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti.

Chairman of the committee, Aliyu Wadada, who represents Nasarawa West, issued the summons on Thursday after lawmakers reviewed audit queries concerning the financial activities of the national oil company.

Wadada warned that the committee could issue arrest warrants for the former management team if they fail to honour the invitation when the hearing date is announced. He said the former officials are expected to appear alongside the current leadership of the NNPCL led by Group Chief Executive Officer Bayo Ojulari, as well as the company’s external auditors during the period under investigation.

According to the committee, NNPCL must explain discrepancies totaling N210 trillion identified in audit reports, made up of N103 trillion and N107 trillion.

“NNPCL should refund the sum of N210 trillion, being the combined sum of N103 trillion and N107 trillion which were not properly accounted for as reflected in the audit reports. The company must fully explain these figures,” Wadada said while briefing journalists.

The committee also directed the oil firm to remit all production costs charged against crude oil revenue to the national treasury, stressing that NNPC and its subsidiaries — including NAPIMS — do not directly produce crude oil.

Lawmakers said the decision followed the company’s inability to provide satisfactory responses to 19 audit queries raised against it.

In its defence, the NNPCL reportedly explained that the N103 trillion represented cumulative expenditures incurred by joint venture partners through JV cash calls between 2017 and 2023 — an explanation the committee rejected.

The remaining N107 trillion was recorded in the company’s audited financial statements as subsidy receivables and other debts owed by banks and several entities as of December 2023.

“When both figures are combined, the NNPCL must give a clear and comprehensive account of the N210 trillion,” Wadada said.

The panel also questioned the reported expenditure of N5 billion for the rebranding of the Nigerian National Petroleum Corporation (NNPC) to NNPCL, describing the amount as questionable and demanding further clarification.

In addition, the committee directed the Office of the Auditor-General for the Federation to conduct a forensic audit of the company’s financial statements for the period under review, citing Section 85 of the 1999 Constitution (as amended).

Despite the probe, the committee reiterated its support for the administration of Bola Ahmed Tinubu, noting that the government remains committed to transparency, accountability and responsible management of public funds.