Senate To Summon Kyari Over Alleged ₦210trn NNPCL Discrepancy

The Senate has insisted that the immediate past group chief executive officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and other former top officials of the national oil company must explain alleged discrepancies totalling about N210trillion flagged in the company’s audited financial statements between 2017 and 2023.

Chairman of the Senate Public Accounts Committee, Aliyu Wadada, said the former management would be invited to appear before the committee at a public hearing to clarify issues raised in the audit reports.

Wadada disclosed this on Sunday while appearing on Politics Today on Channels Television, stressing that the committee was determined to uncover the facts surrounding the discrepancies.

“We are inviting them to appear before the committee in a public hearing to clear the air in this controversial, ambiguous and unacceptable conduct.

“We shall, immediately after the Eid festival, write them through the GMD of the NNPCL,” he said.

The Senate probe follows concerns raised in the company’s audited financial statements, which lawmakers say show the oil firm has yet to fully account for about N210trillion.

According to the committee, the amount comprises about N103trillion allegedly spent by the corporation and its joint venture partners, as well as N107trillion recorded as receivables in the company’s books.

The committee had earlier summoned Kyari, former Chief Financial Officer, Umar Ajia Isa, and a former Group General Manager of the National Petroleum Investment Management Services, Bala Wunti, to appear before it.

The panel also warned that it could issue a warrant of arrest against the former officials if they fail to honour the invitation.

Speaking during the interview, Wadada expressed concern over the explanation given regarding the N107trillion recorded as receivables, describing the response as unsatisfactory.

“On the N107trillion, which is the asset or receivables, they said the entire money was being owed by some defunct banks. Yet no bank name was mentioned. No figure was quoted indicating whether this is for Bank A or Bank B.

“This implies that for years back, there has been under-declaration to the federation account as far as proceeds of petroleum are concerned,” he said.

The senator also commended President Bola Tinubu for issuing an executive order directing that revenues generated by the national oil company meant for the federation be remitted directly to the Federation Account.

Responding to suggestions that the alleged discrepancies occurred during the tenure of the ruling All Progressives Congress administration, the lawmaker maintained that the current government deserved credit for allowing the Senate investigation to proceed.

Beyond the disputed trillions, Wadada also criticised the alleged spending of about N5.8billion on the rebranding of the former Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.

“No satisfactory explanation whatsoever was given. In fact, the way and manner we got to discover the N5.8billion is criminal. Criminal in the sense that it was a double charge.

“The NNPC charged N2.9billion from petroleum products proceeds to execute this. At the same time, NAPIMS equally charged N2.9billion for the same purpose. Putting the figures together made it N5.8billion to just add ‘L’ to the NNPC. How then do we accept this choice?” he asked.

The lawmaker, however, dismissed claims that the Senate investigation was politically motivated, insisting that the probe was aimed solely at ensuring transparency and accountability in the management of public funds.