The Senate Committee on Public Accounts has raised serious concerns regarding the financial conduct of the Nigerian National Petroleum Company Limited (NNPCL), specifically questioning a ₦5.9 billion expenditure for corporate rebranding and unexplained financial figures totaling ₦210 trillion.
The concerns were voiced by the Committee Chairman, Senator Aliyu Wadada Ahmed, during a public hearing centered on the national oil company’s financial records.
Senator Wadada criticized the ₦5.9 billion spent during the transition from the Nigerian National Petroleum Corporation (NNPC) to NNPCL, labeling the costs as excessive for a name change. Documents reviewed by the committee revealed a duplication of incorporation expenses:
NNPC Contribution: ₦2.9 billion sourced from petroleum product proceeds.
NAPIMS Contribution: ₦2.9 billion charged against crude oil revenue for the same purpose.
“In this day and age, who will comprehend such a figure being expended just to change the name of NNPC to NNPCL?” Senator Wadada queried, noting that the double-charging resulted in the multi-billion naira total.
The Committee further highlighted massive gaps in the company’s financial reporting, involving two figures ₦103 trillion and ₦107 trillion that were not properly explained to lawmakers.
Senator Wadada maintained that these aggregate sums cannot be “netted” under standard accounting principles and stated that the NNPCL should refund the combined ₦210 trillion unless proper justification is provided.
To resolve these disputes, the Senate Committee has officially summoned key former and current officials to appear before it, including:
Mele Kyari, former Group Managing Director.
Umar Ajiya, former Chief Financial Officer.
Former Group General Manager of NAPIMS.
Current NNPCL management and the external auditors responsible for the accounts during the period under review.
The Senate Committee emphasized that this hearing is a vital component of its broader mandate to ensure absolute accountability and transparency in the management of public funds within Nigeria’s oil sector.
