Nigeria’s Senate has summoned former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, alongside former Chief Financial Officer Umar Ajia Isa and ex-NAPIMS boss Bala Wunti to explain how a staggering N210 trillion allegedly spent by the state oil company between 2017 and 2023 remains unaccounted for.
The invitation came from the Senate Public Accounts Committee, which warned that a warrant of arrest could be issued if the former officials fail to appear when formally summoned. The lawmakers also demanded explanations for the reported N5 billion spent on rebranding the national oil company from NNPC to NNPCL.
Chairman of the committee, Aliyu Wadada Ahmed, representing Nasarawa West, told journalists after a meeting on Thursday that the summoned officials must appear before the panel alongside the current NNPCL leadership, led by the company’s present GCEO, Bayo Ojulari. External auditors who worked with the company during the period under review are also expected to participate.
According to the committee, the N210 trillion in question represents two separate figures — N103 trillion allegedly expended through joint venture cash calls and another N107 trillion recorded as subsidy-related receivables in the company’s audited financial statements. The lawmakers insisted that both amounts must be properly accounted for.
Wadada said the committee rejected the explanation provided by NNPCL that the N103 trillion represented cumulative spending by joint venture partners, describing the response as unsatisfactory. Lawmakers also raised concerns about the N107 trillion listed as sundry receivables as of December 2023, which the company claims is owed by several banks and other entities.
The Senate panel further directed that all production costs charged against crude oil revenue during the period should be refunded to the national treasury, arguing that the NNPC and its subsidiaries — including NAPIMS — do not directly produce crude oil.
Lawmakers also criticised the N5 billion reportedly spent to change the company’s name from NNPC to NNPCL, describing the expense as unacceptable and demanding a detailed explanation.
The committee said its tough stance followed the company’s failure to provide satisfactory answers to 19 questions raised from findings contained in audit reports covering the years under review.
To deepen scrutiny, the Senate also asked the Office of the Auditor-General for the Federation to conduct a forensic audit of NNPCL’s financial statements for the period, in line with Section 85 of the 1999 Constitution of the Federal Republic of Nigeria.
