The Senate Committee on Public Accounts has issued a formal summons to Mele Kyari, the former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), alongside members of his management team. This action is in response to alleged financial discrepancies totaling N210 trillion identified in the company’s records.
Committee Chairperson Senator Ahmed Wadada announced the summons at a press briefing in Abuja. He stated that the decision followed an unsatisfactory response from the NNPCL regarding audited financial statements covering the years 2017 to 2023. The inquiry, which began in May 2025, was initiated after a review of reports from the Office of the Auditor-General for the Federation.
Senator Wadada explained that the committee conducted a thorough investigation, examining not only the NNPCL’s externally audited statements but also the financial records of its precursor entity, the National Petroleum Investment Management Services (NAPIMS). During this review, lawmakers raised 19 specific questions concerning observed inconsistencies.
According to Wadada, the NNPCL’s explanations were deemed unacceptable. A primary issue was an accrued expenses figure of N103 trillion in the 2022 accounts, which the company attributed to joint venture partner spending. The committee rejected this, noting the cash call regime was abolished in 2016. A further N107 trillion recorded as sundry receivables was also queried, as the company reportedly failed to provide a detailed breakdown of the debtors.
The committee also flagged a duplication of subsidy deductions amounting to N3.8 trillion, allegedly deducted from both crude oil and petroleum product proceeds. Concerns were equally raised over N5 trillion charged as direct production costs between 2017 and 2021, given that neither NNPCL nor NAPIMS directly produce crude oil. While global oil prices influence national revenue, this audit focuses on internal accountability. The outcome of this summons could impact public trust as significantly as other national matters, from Uscis changes immigration policies to the efficiency of the Kano fire service. The scrutiny on NNPCL’s governance draws parallel attention to how other institutions, like the NGX top 10 listed companies, maintain financial transparency. This probe, led by figures such as Senator Okey Ezea’s colleagues, underscores the legislature’s oversight role.
