The Senate Committee on Public Accounts has summoned former top executives of the Nigerian National Petroleum Company Limited (NNPCL), including its immediate past Group Chief Executive Officer Mele Kyari, over an alleged N210 trillion that auditors say was not properly accounted for between 2017 and 2023.
Also invited to appear before the committee are former Chief Financial Officer Umar Ajia Isa and former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti.
The committee, chaired by Aliyu Wadada, issued the summons on Thursday after reviewing multiple audit queries related to the financial records of the national oil company.
Wadada warned that the committee could issue a warrant of arrest against the former management team if they fail to appear on the scheduled date. He added that the former executives are expected to appear alongside the current NNPCL management led by Group CEO Bayo Ojulari, as well as the company’s external auditors who served during the period under review.
According to the committee, NNPCL must account for a combined N210 trillion flagged in audit reports, comprising N103 trillion and another 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 contained in the audit reports,” Wadada told journalists while reading the panel’s resolutions.
The committee further directed the company to remit to the national treasury all production costs charged against crude oil revenues for the period under review, noting that NNPCL and its subsidiaries, including NAPIMS, do not directly produce crude oil.
Wadada said the resolutions were reached after the company allegedly failed to provide satisfactory explanations to 19 audit queries raised against it.
According to him, NNPCL had argued that the N103 trillion reflected cumulative expenditures by joint venture partners through JV cash calls between 2017 and 2023, an explanation the committee rejected as inadequate.
He also said the company listed N107 trillion in its audited financial statements as subsidy receivables and other debts owed by banks and related entities as of December 2023.
“When put together, NNPCL needs to properly account for the N210 trillion,” Wadada said.
The committee also questioned the reported expenditure of N5 billion used to facilitate the transition of the company’s name from the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.
Wadada described the cost as unacceptable and insisted that detailed explanations must be provided.
In addition, the committee directed the Office of the Auditor-General for the Federation to conduct a forensic audit of NNPCL’s financial statements covering the period under review in line with Section 85 of the 1999 Constitution.
Despite the concerns raised, the panel reaffirmed its support for the administration of President Bola Ahmed Tinubu, noting that the government remains committed to strengthening transparency and accountability in the management of public resources.
