The Nigerian Senate has summoned the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, along with former Chief Financial Officer Umar Isa and former Group General Manager of the National Petroleum Investment Management Services, Bala Wunti, over an alleged ₦210 trillion expenditure by the national oil company between 2017 and 2023 that lawmakers say has not been properly explained.
Lawmakers handling the probe warned that a warrant of arrest could be issued against the former officials if they fail to honour the invitation once the date for their appearance is communicated.
The Senate committee is also questioning the company’s reported ₦5 billion spending on the rebranding that transformed the defunct Nigerian National Petroleum Corporation 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.
Chairman of the committee, Aliyu Wadada Ahmed, who represents Nasarawa West, announced the resolutions to journalists after the meeting. He said the invited officials must appear before the committee alongside the current NNPCL Group Chief Executive Officer, Bayo Ojulari.
Senate demands explanation for ₦210 trillion
Wadada explained that the committee expects the oil company to provide comprehensive clarification on the figures contained in audit reports covering the years under investigation.
According to him, the NNPCL must account for the combined ₦210 trillion — made up of ₦103 trillion and ₦107 trillion — which lawmakers say was not adequately explained in the audited reports.
He also stated that the committee resolved that the company should return to the treasury all production costs charged against crude oil revenue within the same period.
The panel further directed the former management teams of NNPCL and NAPIMS to appear alongside the current leadership of the company and the external auditors who handled the company’s accounts during the period under review.
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 investigation, in line with Section 85 of the 1999 Constitution of the Nigeria.
Wadada explained that the decision followed the company’s inability to provide satisfactory responses to 19 queries raised by lawmakers from the audit reports.
He noted that NNPCL had claimed the ₦103 trillion represented cumulative spending by its joint venture partners through JV cash calls since 2017, but the committee rejected the explanation.
The senator also highlighted another ₦107 trillion recorded in the company’s financial statements as subsidy-related receivables, which NNPCL said was owed by several banks and other entities.
When both figures are combined, Wadada said the company must provide a clear account of ₦210 trillion.
Despite the concerns raised, the committee reaffirmed its support for the administration of Bola Ahmed Tinubu, stating that the federal government remains committed to ensuring transparency, accountability and proper management of public funds and national resources.