Senate Intensifies Investigation Into NNPCL Financial Records
The Nigerian Senate has ordered the arrest of former Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over his failure to appear before the Senate Committee on Public Accounts investigating alleged financial discrepancies amounting to N210 trillion.
The directive was issued on Wednesday by the committee chairman, Senator Ibrahim Dankwambo, following Kyari’s absence from the investigative hearing. The Senate committee is currently examining 19 audit queries raised by the Office of the Auditor-General of the Federation concerning the operations of the NNPCL between 2017 and 2023.
Lawmakers Demand Accountability
During the hearing, some lawmakers argued that Kyari should be granted another opportunity to appear before the committee after reports emerged that he was receiving medical treatment in Germany.
Senator Saliu Mustapha and Senator Tony Nwoye appealed for consideration, citing his reported health condition. However, several committee members insisted that no official documentation had been submitted to support the claim.
Senator Abdul Ningi stressed that verbal explanations could not replace official evidence, while Senator Victor Umeh moved a motion calling for Kyari’s arrest. The motion was seconded by the committee’s deputy chairman, Senator Peter Nwaebonyi, who argued that repeated invitations had been ignored.
According to Nwaebonyi, the committee has convened nine separate sessions to address the audit queries, making further delays unacceptable.
Following a voice vote, the committee unanimously adopted the motion, leading Senator Dankwambo to declare that Mele Kyari should be arrested and brought before the committee to answer questions relating to the investigation.
Former NNPCL CFO Rejects N210 Trillion
Allegation
Appearing before the committee, former Chief Financial Officer of NNPCL, Umar Ajiya Isa, firmly rejected claims that N210 trillion was missing or unaccounted for during the period under review.
Ajiya explained that the total revenue generated by NNPCL between 2017 and 2023 was approximately N54.5 trillion, making it mathematically impossible for N210 trillion to be missing.
He emphasized that the company published audited financial statements during their tenure, a development widely regarded as a major milestone in the history of Nigeria’s oil and gas sector.
According to him, if such a huge amount had truly gone missing, it would have been impossible to successfully prepare and publish audited accounts without detection by regulatory agencies and independent auditors.
Clarification on NNPC Limited Registration Expenses
The former CFO also dismissed allegations that N5.8 billion was spent on the registration of NNPC Limited following the implementation of the Petroleum Industry Act (PIA).
He described the claim as inaccurate and urged investigators to verify the facts with the Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS), now operating as the Nigeria Revenue Service.
Ajiya warned that the spread of unverified financial allegations could negatively impact Nigeria’s economic reputation and investor confidence.
Impact on Nigeria’s Investment Climate
Speaking further, Ajiya noted that inaccurate reports involving major national institutions could influence international credit ratings and discourage foreign investment.
He cited challenges encountered during the financing of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project, where concerns raised through public allegations reportedly affected discussions with foreign financiers.
The former CFO maintained that allegations of financial misconduct should be backed by verifiable evidence and investigated thoroughly by relevant agencies, including the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU).
Senate Continues Probe
As part of its ongoing investigation, the Senate Committee on Public Accounts directed Umar Ajiya Isa and former Chief Upstream Investment Officer, Bala Wunti, to return before the committee within two weeks for further questioning.
The committee reiterated its commitment to ensuring transparency, accountability, and proper management of public resources within Nigeria’s oil and gas industry.