The Nigerian Senate has summoned the former Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to appear before its committee over an alleged ₦210 trillion expenditure by the national oil company between 2017 and 2023 that lawmakers said has not been properly accounted for.
Also invited by the committee are the former Chief Financial Officer of the company, Umar Isa, and the former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti.
The committee warned that it may issue warrants of arrest against the former officials if they fail to honour the invitation when the date is communicated.
Chairman of the committee, Aliyu Wadada, who represents Nasarawa West, disclosed the panel’s resolutions while briefing journalists after its session.
According to him, the former management team is expected to appear alongside the incumbent Group Chief Executive Officer of NNPCL, Bayo Ojulari, to clarify issues raised in the audit report.
Wadada said the committee resolved that the oil company must account for the alleged missing funds.
“NNPCL should refund the sum of ₦210 trillion, being the combined sum of ₦103 trillion and ₦107 trillion, which were not properly accounted for as contained in the audit reports. The NNPCL should and must account for the two figures,” he said.
The senator further stated that the company should remit to the Federal Treasury all production costs charged against crude oil revenue during the period under review, noting that NNPCL and its subsidiaries, including NAPIMS, do not directly produce crude oil.
He added that the committee had directed the Office of the Auditor-General for the Federation to conduct a forensic audit of the company’s financial statements covering the period, in line with Section 85 of the 1999 Constitution.
Lawmakers also raised concerns over an alleged ₦5 billion spent on the rebranding of the defunct Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited, describing the amount as unacceptable and demanding detailed explanations.
According to Wadada, the committee reached its resolutions after the company failed to provide convincing responses to 19 questions raised by lawmakers based on the audit report.
He explained that NNPCL claimed the ₦103 trillion represented cumulative funds expended by its joint venture partners through JV cash calls since 2017, but the committee rejected the explanation, insisting the figure remained unresolved.
The lawmaker also noted that the company’s audited financial statement showed subsidy receivables of ₦107 trillion as of December 2023, recorded as sundry receivables allegedly owed by various banks and other entities.
“When combined, NNPCL needs to properly account for ₦210 trillion,” Wadada said.
Despite the concerns raised during the probe, the committee reaffirmed its support for the administration of Bola Ahmed Tinubu, stating that the Federal Government remains committed to transparency, accountability and prudent management of public funds.
