₦210trn Controversy: Senate Summons Ex-NNPCL Boss Kyari, Queries ₦5bn NNPC Rebranding
Nigerian Senate on Thursday, March 5, summoned the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, (GCEO NNPCL) Mele Kyari, over an alleged N210 trillion expenditure by the national oil company between 2017 and 2023 which lawmakers say has not been properly accounted for.
Also invited to appear before the Senate committee handling the probe are the former Chief Financial Officer of the company, Umar Isa, and the former Group General Manager of the National Petroleum Investment Management Services, Bala Wunti.
The committee warned that it would issue warrants of arrest against the former management officials if they fail to honour the invitation on a date to be communicated.
The lawmakers also raised concerns over an alleged N5 billion spent on the change of name from the defunct Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.
Chairman of the committee, Senator Aliyu Wadada (Nasarawa West), disclosed the panel’s resolutions while briefing journalists after the session.
According to him, the former management team is expected to appear before the committee alongside the incumbent Group Chief Executive Officer of NNPCL, Bayo Ojulari.
Wadada said the committee resolved that the oil company must account for the alleged missing funds.
“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. 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 within the period under review, noting that NNPCL and its subsidiaries, including NAPIMS, do not directly produce crude oil.
He also said the committee had directed 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 (as amended).
Wadada added that the committee considered the N5 billion spent on the corporation’s name change unacceptable and demanded satisfactory explanations.
According to him, the resolutions were reached after the company failed to provide convincing answers to 19 questions raised by lawmakers based on the audit report.
He said NNPCL claimed that N103 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 senator also noted that NNPCL’s audited financial statement showed subsidy receivables of N107 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 N210 trillion,” Wadada said.
Despite the concerns, the committee reaffirmed its support for the administration of President Bola Ahmed Tinubu, stressing that the Federal Government remains committed to transparency, probity and accountability in the management of public funds.
