Starrays
SUMMONS FORMER GCEO MELE KYARI OVER ₦210 TRILLION AUDIT PROBES
By Moses Agbe and Benedict Iorgyer
The Nigerian Senate has launched fresh investigation into the financial records of the Nigerian National Petroleum Company Limited (NNPCL), mandating former top executives of the national oil company to appear before its panel for alleged discrepancies totaling ₦210 trillion recorded in audit reports between 2017 and 2023.
The Senate Committee on Public Accounts, chaired by Aliyu Wadada, issued the summons after reviewing several audit queries relating to the operations and financial statements of the state-owned energy company on Friday, 5th March, 2026.
Those invited to appear before the committee include the immediate past Group Chief Executive Officer of NNPCL, Mele Kyari, former Chief Financial Officer Umar Ajia Isa, and the former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti.
According to the committee, the amount under scrutiny consists of two figures — ₦103 trillion and ₦107 trillion — which auditors flagged for further clarification.
Lawmakers noted that NNPCL explained the ₦103 trillion as cumulative expenditures incurred by joint venture partners through cash call arrangements during the period under review. However, the committee maintained that the explanation did not sufficiently address the concerns raised in the audit reports.
The company also reportedly listed ₦107 trillion in its audited financial statements as subsidy receivables and other outstanding debts owed by banks and various entities as of December 2023.
Senator Wadada said the committee expects the former officials to appear alongside the current management of NNPCL led by Group Chief Executive Officer Bayo Ojulari, as well as the external auditors responsible for reviewing the company’s accounts during the years under investigation.
The panel also raised concerns over a reported ₦5 billion expenditure linked to the transition of the company’s name from the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL), demanding detailed clarification on the cost.
As part of its resolutions, the committee directed the Auditor-General for the Federation to conduct a comprehensive forensic audit of the company’s financial statements covering the period under review.
The committee warned that failure by the invited officials to honour the summons could lead to further legislative action, including the issuance of a warrant to compel their appearance.
The investigation, lawmakers said, forms part of ongoing oversight efforts by the Senate to strengthen transparency and accountability in Nigeria’s oil and gas sector under the administration of President Bola Ahmed Tinubu.
