The Senate Committee on Public Accounts has summoned former Group Chief Executive Officer of the Nigeria National Petroleum Company Limited, Mele Kyari, to explain an alleged ₦210 trillion that was improperly accounted for between 2017 and 2023.
Kyari will appear alongside former Chief Financial Officer Umar Ajia Isa and former Group General Manager of National Petroleum Investment Management Services, Bala Wunti.
The summons, issued on Thursday by Committee Chairman Senator Aliyu Wadada, follows a review of audit reports on the national oil company. The committee warned that failure to appear could lead to warrants of arrest, with the appearance date to be communicated soon.
Speaking to the media after the meeting, Wadada said the former management team is expected to appear alongside NNPCL’s current leadership, led by incumbent GCEO Bayo Ojulari, as well as external auditors who worked with the company during the period under review.
₦210trn in question
The committee highlighted that the ₦210 trillion flagged in audit reports comprises ₦103 trillion and ₦107 trillion that were allegedly not properly explained in the company’s financial records. Last year, the committee submitted 19 questions to NNPCL based on the audit findings but found the responses unsatisfactory.
According to the company, the ₦103 trillion represented cumulative spending by joint venture partners through JV cash calls since 2017, a justification the committee rejected. Meanwhile, the ₦107 trillion, recorded as “sundry receivables” in NNPCL’s 2023 audited financial statements, was reportedly owed by several banks and other entities.
“When combined, these two figures total ₦210 trillion, which NNPCL must properly account for,” the committee stated.
Other concerns
Lawmakers also questioned ₦5 billion reportedly spent to rename the company from the former Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited, describing it as “unacceptable” and demanding satisfactory explanations.
Additionally, the committee directed NNPCL to refund all production costs charged against crude oil revenue during the period, arguing that the company and its subsidiaries do not directly produce crude oil.
The committee recommended that the Office of the Auditor-General for the Federation conduct a forensic audit of NNPCL’s financial statements for the period in accordance with Section 85 of the 1999 Constitution.
Kyari led the national oil company from 2019 to 2025.
