Senate Summons Kyari, Former NNPC Officials Over N210 Trillion Financial Discrepancies

The Senate Committee on Public Accounts has summoned former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, along with members of his former management team, over alleged financial discrepancies amounting to N210 trillion.

Chairman of the committee, Senator Ahmed Wadada, announced the development during a press conference in Abuja on Thursday.

According to Wadada, the summons followed what the committee described as unsatisfactory and unacceptable responses from NNPCL regarding questions raised about the company’s audited financial statements between 2017 and 2023.

The senator explained that the investigation began in May 2025 after concerns emerged during the review of reports from the Office of the Auditor-General for the Federation covering the 2019 and 2020 fiscal years.

He said the committee examined the financial statements prepared by external auditors and also reviewed the records of the former National Petroleum Investment Management Services (NAPIMS)—now known as NNPCL Upstream Investment Limited—for the same period.

During the investigation, the committee raised 19 queries seeking explanations for inconsistencies discovered in the financial records.

However, Wadada noted that the responses provided by NNPCL failed to adequately address the concerns.

One major issue involved N103 trillion recorded as accrued expenses in the company’s 2022 financial statements. The expenses were reportedly linked to retention fees, legal fees, and audit fees, yet the accounts did not provide specific breakdowns.

NNPCL later explained that the amount represented cumulative spending by joint venture partners under the joint venture cash call arrangement, but the committee rejected the explanation, noting that the cash call regime had been abolished in 2016 and replaced in 2017.

Another concern involved N107 trillion recorded as sundry receivables as of December 2023. While NNPCL claimed that part of the money was owed by defunct banks and other entities, lawmakers said the company failed to provide detailed documentation identifying the debtors.

The committee also discovered a duplication of subsidy deductions totaling N3.8 trillion, which was reportedly deducted from both crude oil proceeds in NAPIMS accounts and petroleum product proceeds in NNPC records.

Further concerns were raised over N5 trillion listed as direct production costs between 2017 and 2021, despite the fact that NNPC and NAPIMS do not directly produce crude oil.

Lawmakers also questioned N5.9 billion spent on incorporation expenses during the transition from NNPC to NNPCL, describing the amount as excessive.

Following these findings, the committee directed NNPCL to account for the N210 trillion arising from the unexplained accrued expenses and receivables.

The panel also ordered the company to refund production costs charged against crude oil revenue during the period under review.

Those summoned include Mele Kyari, former Chief Financial Officer Umar Ajiya, and former Group General Manager of NAPIMS Bala Wunti, along with the current NNPCL management and the external auditors responsible for the financial statements.

The officials are expected to appear before the committee to provide detailed explanations on the alleged irregularities.

Wadada also disclosed that the committee has recommended that the Auditor-General for the Federation conduct a forensic audit of NNPCL’s financial records from 2017 to 2023, in line with Section 85 of the 1999 Constitution (as amended).

He warned that the Senate would invoke its constitutional powers if the invited officials fail to honour the summons.

The committee, he said, remains committed to ensuring transparency and accountability in the management of public funds while supporting the economic reform agenda of President Bola Tinubu.