The Nigerian Senate has summoned the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, over an alleged N210 trillion expenditure by the national oil company between 2017 and 2023 which lawmakers say has not been properly accounted for.
Also invited to appear before the Senate probe panel are the company’s former Chief Financial Officer, Umar Isa, and the former Group General Manager of the National Petroleum Investment Management Services, Bala Wunti.
The Senate committee warned that it may issue warrants of arrest against the former management officials if they fail to honour the invitation on a date to be communicated.
Chairman of the committee, Aliyu Wadada, disclosed the panel’s resolutions while briefing journalists after the committee session.
According to Wadada, the former officials are expected to appear before the committee alongside the current Group Chief Executive Officer of NNPCL, Bayo Ojulari, as lawmakers intensify their investigation into the company’s financial records.
The committee is demanding explanations for a combined N210 trillion which it said was not properly accounted for in audit reports covering the period under review.
“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 contained in the audit reports. The NNPCL should and must account for the two figures,” Wadada stated.
Lawmakers also questioned the reported N5 billion spent on rebranding the company from the former Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited, describing the expenditure as unacceptable and demanding detailed clarification.
The committee further directed the Office of the Auditor-General for the Federation to conduct a forensic audit of NNPCL’s financial statements covering the years under review in line with Section 85 of the 1999 Constitution.
According to the committee, NNPCL had claimed that N103 trillion represented cumulative funds spent by its joint venture partners through JV cash calls since 2017, but lawmakers rejected the explanation, insisting the amount remains unresolved.
The panel also noted that the company’s audited financial statements recorded subsidy receivables of N107 trillion as of December 2023, listed as sundry receivables allegedly owed by various banks and entities.
“When combined, NNPCL needs to properly account for N210 trillion,” Wadada said.
Despite the concerns raised during the probe, the committee reaffirmed its support for the administration of Bola Ahmed Tinubu, noting that the Federal Government remains committed to transparency, accountability, and prudent management of public funds.
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