₦210 Trillion Storm: Senate Summons Mele Kyari, NNPCL Chiefs Over Massive Spending Questions

The Senate on Thursday summoned the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, along with former Chief Financial Officer Umar Isa and a former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti, over an alleged ₦210 trillion expenditure by the national oil firm between 2017 and 2023 that lawmakers say remains unexplained.....KINDLY READ THE FULL STORY HERE▶

The Senate committee handling the investigation also warned that arrest warrants could be issued against the former top officials if they fail to appear once the date for their hearing is announced.

Lawmakers further questioned the company’s reported ₦5 billion spending on the rebranding exercise that transformed the former Nigerian National Petroleum Corporation (NNPC) into the Nigerian National Petroleum Company Limited.

The decision to invite the former management team was reached during a committee meeting held on Thursday, March 5.

Aliyu Wadada Ahmed, the committee chairman representing Nasarawa West, briefed journalists after the meeting and outlined the panel’s resolutions.

He said the former officials must appear before the committee alongside the current Group Chief Executive Officer of NNPCL, Bayo Ojulari.

Senate Demands Accountability For ₦210 Trillion

Wadada explained that the oil company is required to provide detailed clarification on funds referenced in audit reports covering the period under review.

According to him, the committee directed the NNPCL to account for ₦210 trillion, which is made up of two separate figures of ₦103 trillion and ₦107 trillion highlighted in the audit reports but not properly explained.

He also stated that the committee resolved that all production costs charged against crude oil revenue during the same period should be returned to the national treasury.

Wadada noted that NNPC and its subsidiaries, including NAPIMS, do not directly produce crude oil, raising questions about such deductions.

The committee further instructed the former NNPCL and NAPIMS management teams to appear before the panel together with the current management and all external auditors who handled the company’s accounts within the years under investigation.

Senate Orders Forensic Audit

In addition, the committee recommended that the Office of the Auditor-General for the Federation carry out a forensic review of NNPCL’s audited financial statements for the period under scrutiny, in line with Section 85 of the 1999 Constitution.

Wadada said the committee reached its resolutions after the oil company failed to provide satisfactory responses to 19 questions raised by lawmakers based on the audit findings.

He noted that NNPCL had argued that the ₦103 trillion figure represented cumulative spending by its joint venture partners through JV cash calls since 2017.

However, the committee rejected the explanation, stating that the amount still requires proper clarification.

The senator also pointed to another ₦107 trillion recorded in the company’s financial statements as subsidy-related receivables.

According to him, the company reported ₦107 trillion in sundry receivables as of December 2023, claiming that part of the funds is owed by several banks and other entities.

When both figures are combined, Wadada said the company must provide a full account of the ₦210 trillion referenced in the reports.

Despite raising concerns about the issue, the committee reaffirmed its support for President Bola Tinubu’s administration, stressing that the government remains committed to improving transparency, accountability and proper management of public funds and national resources.

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