The Senate Committee on Public Accounts has officially summoned former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to testify regarding ₦210 trillion in unaccounted funds spanning the period of 2017 to 2023.
The summons, issued Thursday by Committee Chairman Senator Aliyu Wadada, also mandates the appearance of former Chief Financial Officer Umar Ajia Isa and former Group General Manager of NAPIMS, Bala Wunti.
Following an intensive review of audit reports, the Committee flagged two massive financial figures that remain unsatisfactorily explained:
₦103 Trillion: Attributed by NNPCL to cumulative joint venture (JV) cash call spending since 2017—an explanation the Committee has formally rejected.
₦107 Trillion: Recorded as “sundry receivables” in the December 2023 audited statements, allegedly owed by various banks and entities.
“When these two figures are combined, NNPCL needs to properly account for ₦210 trillion,” Senator Wadada stated during a media briefing. “The responses provided to the 19 questions raised by this Committee last year remain inadequate.”
The Senate panel further expressed dissatisfaction over a ₦5 billion expenditure reportedly used to transition the company’s identity from the Nigerian National Petroleum Corporation (NNPC) to a limited liability company (NNPCL). The Committee labeled the sum “unacceptable” and demanded a detailed justification for the rebranding costs.
In a move to ensure total transparency, the Committee reached the following resolutions:
Joint Appearance: The former management team must appear alongside current NNPCL leadership, led by GCEO Bayo Ojulari, and the external auditors involved during the period under review.
Revenue Refunds: NNPCL has been directed to refund all production costs charged against crude oil revenue back to the national treasury, as the company and its subsidiaries do not directly produce crude.
Forensic Audit: The Committee has recommended that the Office of the Auditor-General for the Federation conduct an immediate forensic audit of NNPCL’s financial statements in accordance with Section 85 of the 1999 Constitution.
Senator Wadada issued a stern warning that the Senate would not hesitate to issue warrants of arrest against the former officials should they fail to appear on the scheduled date, which is to be communicated shortly.
Mele Kyari, who headed the national oil firm from 2019 to 2025, is expected to provide clarity on the legacy of financial management during his tenure.
