Nigerians Reacts As Senate Summons NNPCL Ex-Bosses Over Unaccounted N210 Trillion

The Senate Committee on Public Accounts has asked former Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL), Mele Kyari, to appear before it over an alleged ₦210 trillion that was not properly accounted for between 2017 and 2023.

Kyari was summoned along with a former Chief Financial Officer, Umar Ajia Isa, and the former Group General Manager of National Petroleum Investment Management Services, Bala Wunti.

The chairman of the Senate committee, Aliyu Wadada, issued the invitation on Thursday after lawmakers reviewed audit reports related to the operations of Nigerian National Petroleum Company Limited.

Wadada said the committee could issue arrest warrants if the former officials fail to honour the invitation when the hearing date is announced.

He explained the committee’s position while speaking with journalists after its meeting.

According to him, the former executives will appear alongside the current management of the company, led by the present Group Chief Executive Officer, Bayo Ojulari, and external auditors who worked with the company during the period under review are also expected to attend the session.

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The committee said the national oil company must explain the ₦210 trillion flagged in the audit reports, stressing that the figure consists of two separate amounts—₦103 trillion and ₦107 trillion—which lawmakers say were not clearly accounted for in the firm’s financial records.

Wadada explained that the committee had already sent 19 questions to the company last year after examining the audit findings, but the responses received did not fully address their concerns.

According to him, the company stated that the ₦103 trillion represented cumulative spending by joint venture partners through JV cash calls since 2017. However, the committee said it was not satisfied with that explanation.

Lawmakers also questioned another ₦107 trillion listed in the company’s audited accounts as of December 2023 under “sundry receivables.” The company reportedly said the money is owed by several banks and other organisations.

The committee noted that when both figures are added together, the company needs to properly account for ₦210 trillion.

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Another issue raised by lawmakers was the reported ₦5 billion spent to change the organisation’s name from Nigerian National Petroleum Corporation to Nigerian National Petroleum Company Limited.

“This to us in the committee is unacceptable, and satisfactory explanations must be given,” they added.

In addition, the lawmakers directed the company to return to the government treasury any production costs that were deducted from crude oil revenue during the period under review. They argued that the company and its subsidiaries do not directly produce crude oil.

The committee also recommended that the Office of the Auditor-General for the Federation carry out a forensic audit of the company’s accounts in line with Section 85 of the 1999 Constitution of Nigeria.

Kyari served as head of the national oil company from 2019 until 2025.

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