Lawmakers demand answers on disputed financial records, ₦5bn rebranding cost, and billions listed as “sundry receivables” as probe into the national oil company deepens…..
Nigeria’s Senate Committee on Public Accounts has summoned former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to appear before lawmakers over an alleged ₦210 trillion flagged in audit reports covering the period between 2017 and 2023.
The summons also extends to former Chief Financial Officer Umar Ajia Isa and the former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti.
Chairman of the committee, Aliyu Wadada, issued the directive on Thursday after lawmakers reviewed audit findings relating to the operations and financial records of the national oil company.
Wadada disclosed the decision while addressing journalists following the committee’s meeting, noting that the former management team must appear alongside the current leadership of the NNPCL, led by its incumbent Group CEO, Bayo Ojulari, as well as the external auditors responsible for the company’s accounts during the period under review.
The committee also warned that failure to honour the invitation could result in the issuance of arrest warrants against the former officials.
Questions Over ₦210 Trillion
At the heart of the Senate’s investigation are two major figures highlighted in the company’s financial records.
According to Wadada, the committee is demanding a detailed explanation for a combined ₦210 trillion made up of ₦103 trillion and ₦107 trillion that were reportedly not satisfactorily accounted for in the company’s audited statements.
The committee revealed that it had earlier posed 19 questions to the NNPCL last year regarding the audit observations but said the responses provided by the company did not adequately address the concerns raised.
Lawmakers said the company claimed that the ₦103 trillion reflected cumulative spending by joint venture partners through JV cash calls since 2017. However, the committee rejected the explanation, insisting that the figures require clearer documentation and transparency.
Another ₦107 trillion recorded in the company’s books as “sundry receivables” has also raised concerns among lawmakers.
The NNPCL reportedly stated that the funds represent debts owed to the company by several financial institutions and other entities as captured in its audited financial statements as of December 2023.
However, the committee maintained that the details surrounding the receivables remain unclear and must be properly accounted for.
“When the two figures are combined, the NNPCL must give a clear explanation for ₦210 trillion reflected in its financial records,” Wadada said.
₦5 Billion Rebranding Cost Under Scrutiny
Beyond the disputed figures, lawmakers also questioned the reported ₦5 billion spent on rebranding the company.
The expenditure was used to transition the former Nigerian National Petroleum Corporation (NNPC) into the Nigerian National Petroleum Company Limited (NNPCL) following reforms in the oil and gas sector.
Members of the committee described the cost as excessive and insisted that the company must justify the spending.
“This to us in the committee is unacceptable, and satisfactory explanations must be given,” the lawmakers stated.
Call for Refunds and Possible Forensic Audit
In another resolution, the committee directed the NNPCL to refund production costs that were charged against crude oil revenue during the period under review.
Lawmakers argued that the company and its subsidiaries are not direct producers of crude oil and therefore should not have booked such costs against national crude earnings.
To further clarify the issues raised, the committee recommended that the Office of the Auditor-General for the Federation conduct a full forensic audit of the company’s financial statements in accordance with Section 85 of the 1999 Constitution.
Kyari served as the head of the national oil company from 2019 until 2025, overseeing major reforms and the transition of the organisation into a limited liability company.
With the Senate now intensifying its scrutiny, the upcoming appearance of the former and current NNPCL leadership is expected to shed more light on the figures that have triggered one of the most significant financial probes in the country’s oil sector in recent years.
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