Nigeria’s Senate has summoned the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over an alleged ₦210 trillion expenditure by the national oil company between 2017 and 2023.

The summons also extends to the former Chief Financial Officer of the company, Umar Isa, and a former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti. Lawmakers said the trio must appear before the Senate committee probing the company’s financial records during the period under review.

The committee warned that a warrant of arrest could be issued if the former officials fail to honour the invitation once the date for their appearance is formally communicated.

The decision was reached during a committee meeting held on Thursday, March 5, as part of an ongoing legislative investigation into the financial operations of the national oil company.

Chairman of the committee, Senator Aliyu Wadada Ahmed, who represents Nasarawa West, disclosed the panel’s resolutions while briefing journalists shortly after the meeting.

He explained that the summoned former executives would appear before the committee alongside the current Group Chief Executive Officer of NNPCL, Bayo Ojulari.

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NNPCL Must Account for ₦210 Trillion

According to the committee, the national oil company must provide detailed explanations regarding figures highlighted in audit reports covering the period from 2017 to 2023.

Wadada stated that lawmakers were concerned about two major figures—₦103 trillion and ₦107 trillion—which appear in the company’s financial records but have not been adequately explained.

He said the committee resolved that the NNPCL must account for the combined ₦210 trillion and refund the funds if they cannot be properly justified.

The senator noted that the ₦103 trillion figure was explained by the company as cumulative expenditures made by joint venture partners through JV cash calls since 2017. However, the committee rejected the explanation, describing it as unsatisfactory.

Lawmakers also raised questions about ₦107 trillion recorded as subsidy-related receivables in the company’s audited financial statements as of December 2023.

According to the committee chairman, the amount was listed as part of sundry receivables allegedly owed to the oil company by several financial institutions and other entities.

When combined with the earlier figure, the Senate concluded that the NNPCL must account for the full ₦210 trillion referenced in the audit reports.

Questions Over Rebranding Expenditure

In addition to the large financial figures under scrutiny, the Senate committee also questioned the company’s reported ₦5 billion expenditure on the rebranding exercise that transformed the former Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited.

Lawmakers requested full documentation explaining the cost and process involved in the rebranding project.

The committee also directed that the former management team of NNPCL and NAPIMS appear alongside the current leadership and external auditors who worked with the company during the years under investigation.

This, according to the panel, will help provide a comprehensive explanation of the financial records and audit findings.

Senate Orders Forensic Audit

As part of the probe, the committee recommended that the Office of the Auditor-General for the Federation conduct a forensic review of NNPCL’s audited financial statements for the period under review.

Wadada explained that the decision aligns with Section 85 of the 1999 Constitution (as amended), which empowers the Auditor-General to examine the financial activities of government institutions.

He said the move became necessary after the national oil company failed to provide satisfactory answers to 19 questions raised by lawmakers based on the audit reports.

Despite the concerns raised during the investigation, the committee emphasized that the Senate remains supportive of the administration of President Bola Tinubu.

Lawmakers stated that the Federal Government is committed to promoting transparency, accountability, and proper management of Nigeria’s public finances and natural resources.

The committee’s investigation is expected to continue in the coming weeks as the Senate seeks further clarification on the financial activities of the national oil company during the six-year period.