ABUJA — The Senate Committee on Public Accounts has issued a final summons to the former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and several top executives over ₦210 trillion in unaccounted funds.
The legislative panel, chaired by Senator Aliyu Wadada, warned on Wednesday that it would not hesitate to issue warrants of arrest if the officials failed to appear and provide “clear, verifiable explanations” for the massive financial discrepancies flagged in audit reports spanning 2017 to 2023.
Also summoned are the former Chief Financial Officer, Umar Ajia Isa, and the former General Manager of National Petroleum Investment Management Services (NAPIMS), Dr. Bala Wunti.
A ₦210 Trillion Question
The investigation centers on 19 specific audit queries raised by the Office of the Auditor-General of the Federation. The breakdown of the missing funds includes approximately ₦103 trillion tied to Joint Venture (JV) cash calls and ₦107 trillion linked to fuel subsidy payments and accrued debts.
Senator Wadada expressed dissatisfaction with the NNPCL’s previous written submissions, describing them as “shallow and unsatisfactory.”
“The committee is not here for hide-and-seek. We are talking about ₦210 trillion of national wealth that cannot be accounted for based on the records before us,” Wadada stated. “If these individuals fail to honor this invitation to clear the air, we will exercise our constitutional powers to compel their attendance via arrest warrants.”
Forensic Audit and Rebranding Costs
Beyond the trillion-naira discrepancies, the Senate is also scrutinizing ₦5 billion reportedly spent on “rebranding” the national oil company. The committee has now ordered a comprehensive forensic audit of the NNPCL’s accounts covering the seven-year period under review.
The move marks a significant escalation in the National Assembly’s oversight of the oil sector, following years of public outcry over transparency in NNPCL’s financial operations.
As of press time, the NNPCL has not released an official statement regarding the summons or the threat of legal action against its former leadership.
