Senate Summons Kyari, Others Over Alleged ₦210trn Unaccounted For In NNPCL Report
Naija News • 2h ago
**₦210 Trillion Unaccounted For: Senate Summons NNPCL Ex-CEO**
In a move that has sent ripples through the financial sector, the Senate committee on public accounts has invited a former Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL), Mele Kyari, to explain a staggering ₦210 trillion unaccounted for in the national oil company's financial reports between 2017 and 2023.
Kyari is not alone in the summons; other top officials, including a former chief financial officer, Umar Ajia Isa, and former group general manager of National Petroleum Investment Management Services, Bala Wunti, have also been invited to appear before the committee.
The Senate committee, led by Senator Aliyu Wadada, issued the summons following a review of audit reports that raised serious concerns about the national oil company's financial management. The committee has warned that warrants of arrest may be issued against the former officials if they fail to appear before it.
The ₦210 trillion unaccounted for has been flagged in audit reports as comprising ₦103 trillion and ₦107 trillion that have not been properly explained in the company's financial records. The committee has rejected the company's claim that the ₦103 trillion represents cumulative spending by joint venture partners, calling for satisfactory explanations.
The lawmakers have also questioned the expenditure of ₦5 billion reportedly used to change the company's name from the former Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited, describing it as unacceptable. They have directed the NNPCL to refund all production costs charged against crude oil revenue to the treasury, arguing that the company and its subsidiaries do not directly produce crude oil.
In a bid to get to the root of the matter, the committee has recommended that the Office of the Auditor-General for the Federation conducts a forensic audit of NNPCL's financial statements for the period in line with Section 85 of the 1999 Constitution.
This development has significant implications for the country's economy and the oil and gas sector, highlighting the need for transparency and accountability in public institutions. As Nigerians, we wait with bated breath to see how this saga unfolds and what measures will be taken to address the concerns raised by the Senate committee.