NNPCL under fire as Senate probes N210tn Audit Gap, summons Ex-Boss Kyari

By: Amarachi Okonkwo

Nigeria’s upper legislative chamber has summoned the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over an alleged N210 trillion that lawmakers say was not properly accounted for by the national oil company between 2017 and 2023.

Also invited are the former Chief Financial Officer, Umar Ajia Isa, and former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti.

The summons was issued on Thursday by the Senate Committee, which also warned that a warrant of arrest could be issued against the former management team if they fail to honour the invitation.
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• Chairman of the committee, Senator Aliyu Wadada, said the former executives are expected to appear alongside the current management of the Nigerian National Petroleum Company Limited, led by Group CEO Bayo Ojulari.
• According to Wadada, the company must account for a combined N210 trillion flagged in its audited financial statements, consisting of N103 trillion and N107 trillion identified in separate audit queries.
• “NNPCL should refund the sum of N210 trillion, being the combined figure of N103 trillion and N107 trillion that were not properly accounted for in the audit reports,” Wadada told journalists after the committee meeting.
• The committee also directed the national oil company to remit all production costs previously charged against crude oil revenues to the treasury, arguing that the corporation and its subsidiaries, including the National Petroleum Investment Management Services (NAPIMS), do not directly produce crude oil.
• Lawmakers further recommended that the Office of the Auditor‑General for the Federation conduct a forensic review of the company’s financial statements covering the period under review, in line with Section 85 of the 1999 Constitution.
• Beyond the alleged unaccounted funds, the committee also questioned the reported N5 billion spent during the transition of the corporation from the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.
• “This, to us in the committee, is unacceptable and satisfactory explanations must be given,” Wadada said.
• He explained that the NNPCL had attributed the N103 trillion figure to cumulative expenditures incurred by joint venture partners through JV cash calls since 2017. However, the committee rejected the explanation, stating that the amount remains unresolved.
• Similarly, the audit report shows that subsidy-related receivables accounted for N107 trillion recorded as sundry receivables as of December 2023. The company said parts of the funds were owed by banks and other entities.
• “When the two figures are put together, NNPCL must properly account for N210 trillion,” Wadada added.
• Despite the probe, the committee reaffirmed its legislative support for the administration of Bola Tinubu, stating that the investigation aligns with ongoing efforts to strengthen transparency, accountability and financial discipline in the management of public resources.