The Senate has demanded explanations from the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, and other former senior officials over alleged discrepancies totalling about N210 trillion in the company’s audited financial statements from 2017 to 2023.
Chairman of the Senate Public Accounts Committee, Senator Aliyu Wadada (Nasarawa West), disclosed that the former management of the national oil firm would be invited to a public hearing to clarify issues raised in the audit reports.
Wadada made the disclosure on Sunday while speaking on Channels Television’s Politics Today, noting that the committee was determined to establish the facts surrounding the reported inconsistencies.
According to him, the committee would formally notify the former officials after the Eid celebrations through the current leadership of the NNPCL.
The Senate’s investigation follows concerns by lawmakers that the company’s audited financial records indicate that about N210 trillion remains unaccounted for.
The committee explained that the amount includes about N103 trillion reportedly spent by the corporation and its joint venture partners, as well as N107 trillion listed as receivables in the company’s accounts.
Earlier, the committee had summoned Kyari, former Chief Financial Officer Umar Ajia Isa, and a former Group General Manager of the National Petroleum Investment Management Services, Bala Wunti, to appear before it.
Lawmakers also warned that arrest warrants could be issued if the former officials fail to honour the invitation.
Wadada expressed dissatisfaction with the explanation given regarding the N107 trillion recorded as receivables, saying the claim that the money was owed by defunct banks lacked sufficient details.
He noted that no specific banks were identified and no breakdown of the figures was provided, raising concerns about possible under-declaration of petroleum revenue to the Federation Account over the years.
The senator, however, commended President Bola Tinubu for issuing an executive order directing that revenues generated by the national oil company meant for the federation be paid directly into the Federation Account.
Addressing claims that the discrepancies occurred during the tenure of the ruling All Progressives Congress administration, Wadada argued that the current government should instead be credited for allowing the Senate probe to proceed.
He also criticised the alleged spending of about N5.8 billion on the rebranding of the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.
According to him, the committee discovered that both the corporation and the National Petroleum Investment Management Services separately charged N2.9 billion each for the same exercise, resulting in what he described as a “double charge.”
Wadada dismissed suggestions that the Senate investigation was politically motivated, stressing that the probe was aimed solely at promoting transparency and accountability in the management of public funds.
