The Senate Public Accounts Committee has summoned the immediate past management of the Nigerian National Petroleum Company Limited (NNPCL), including former Group Chief Executive Officer Mele Kyari, to account for a staggering N210 trillion in alleged financial discrepancies discovered in the company’s audited statements.
Chairman of the committee, Senator Ahmed Aliyu Wadada, disclosed this during a press briefing at the National Assembly Complex on Thursday, stating that the figure represents a combination of unexplained accrued expenses and sundry receivables recorded between 2017 and 2023.
According to Wadada, the committee’s investigation revealed that NNPCL’s 2022 audited financial statements contained an accrued expenses figure of N103 trillion. The expenses were vaguely described as consisting of retention fees, legal fees, and audit fees, with no specific breakdown assigned to the items.
When questioned, NNPCL reportedly claimed the amount represented cumulative spending by joint venture partners under the Joint Venture cash call arrangement. However, the committee rejected this explanation, noting that the cash call regime was abolished in 2016 and took effect from January 2017, rendering the justification untenable.
The committee also uncovered an additional N107 trillion recorded as sundry receivables as of December 2023. While NNPCL attributed part of this amount to debts owed by some defunct banks and other entities, lawmakers insisted the company failed to provide a detailed breakdown identifying the specific institutions responsible.
Beyond the N210 trillion figure, the committee identified several other irregularities, including an alleged duplication of subsidy deductions amounting to N3.8 trillion, which was deducted both from crude oil proceeds in the accounts of the former National Petroleum Investment Management Services (NAPIMS) and from petroleum product proceeds in NNPC’s books.
The panel also questioned N5 trillion charged as direct production costs between 2017 and 2021, arguing that NNPC and NAPIMS do not directly engage in crude oil production. Additionally, N5.9 billion spent on incorporation expenses during the transition from NNPC to NNPCL was described as excessive.
Wadada explained that the investigation began in May 2025 following concerns raised during the review of Auditor-General reports for 2019 and 2020. He noted that the committee posed 19 questions to NNPCL management seeking clarification on the inconsistencies, but the responses provided were unsatisfactory.
Consequently, the committee has summoned the immediate past management of NNPC and NAPIMS, including Kyari, former Chief Financial Officer Umar Ajiya, and former Group General Manager of NAPIMS Bala Wunti, to appear alongside the current NNPCL management and the external auditors who prepared the financial statements.
The committee has also recommended that the Office of the Auditor-General for the Federation conduct a forensic audit of NNPC’s financial statements from 2017 to 2023 in line with Section 85 of the 1999 Constitution.
Issuing a stern warning to the summoned officials, Wadada emphasized that the Senate would not hesitate to invoke its constitutional powers if they fail to appear.
“Whoever this committee invites and refuses to come without satisfactory reasons, the needful will be done. We are empowered by the constitution and our rules of engagement here in the Senate,” he said.
The committee reaffirmed its commitment to promoting transparency and accountability in the management of Nigeria’s public resources.
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