By Seun Ibiyemi
The Senate Committee on Public Accounts has summoned former Mele Kyari, ex-Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), and his management team over alleged financial discrepancies totaling N210 trillion.
The committee’s chairman, Ahmed Wadada, disclosed the development at a press briefing in Abuja on Thursday, stating that the summon follows unsatisfactory responses by NNPCL to audited financial statements covering 2017 to 2023.
“The committee conducted an in-depth investigation of NNPCL’s audited statements to ensure that the outcome is thorough, unambiguous, and sends the right signal to the public,” Wadada said.
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The probe, which began in May 2025, was initiated after concerns were raised from reports of the Office of the Auditor-General for the Federation for 2019 and 2020.
The committee reviewed NNPCL’s audited financial statements prepared by external auditors and examined records from the former National Petroleum Investment Management Services (NAPIMS), now NNPCL Upstream Investment Limited.
Key issues identified include:
N103 trillion in accrued expenses in 2022 without detailed breakdowns of retention, legal, and audit fees.
N107 trillion in sundry receivables as of December 2023, with inadequate identification of the responsible entities.
Duplication of subsidy deductions amounting to N3.8 trillion.
N5 trillion recorded as direct production costs between 2017 and 2021, despite NNPCL and NAPIMS not directly producing crude oil.
N5.9 billion on incorporation expenses during the transition from NNPC to NNPCL, considered excessive.
Following these revelations, the committee directed NNPCL to account for the combined N210 trillion and refund all production costs charged against crude oil revenues during the period under review.
Other officials summoned alongside Kyari include former Chief Financial Officer Umar Ajiya and former Group General Manager of NAPIMS, Bala Wunti. Current NNPCL management and external auditors are also expected to appear before the panel to provide explanations.
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Wadada further recommended a forensic audit of NNPCL’s 2017–2023 financial statements by the Office of the Auditor-General for the Federation under Section 85 of the 1999 Constitution.
He warned that failure to appear before the committee without valid reasons would prompt constitutional action by the Senate.
The senator reaffirmed the committee’s commitment to ensuring transparency and accountability in public fund management, while expressing support for the economic reform agenda of President Bola Tinubu.
