The Senate Committee on Public Accounts has summoned the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, along with former Chief Financial Officer Umar Ajia Isa and former Group General Manager of National Petroleum Investment Management Services (NAPIMS), Dr. Bala Wunti, to appear before it over alleged financial irregularities totaling N210 trillion between 2017 and 2023.
The summons was announced by the committee chairman, Senator Aliyu Wadada, during a press briefing at the National Assembly complex on Thursday, March 6, 2026.
According to the senator, the probe stems from the committee’s constitutional oversight responsibility to ensure accountability, transparency, and value for money in the management of public funds. The inquiry was triggered by observed lapses in the NNPCL’s financial management during the review of annual reports from the Auditor-General for the Federation.
“The Senate Public Accounts Committee embarked on a status inquiry into the income and expenditure of the Nigerian National Petroleum Company Limited,” Wadada stated. “NNPCL should refund the sum of N210 trillion, being the combined figures of N103 trillion and N107 trillion, which were not properly explained to the committee.”
The panel highlighted that these amounts cannot be netted off under standard accounting principles and require proper reconciliation and explanation.
Key issues flagged include:
– N103 trillion recorded as accrued expenses in the 2022 financial statements (covering items such as retention fees, legal fees, and audit fees) without detailed breakdowns.
– N107 trillion listed as sundry receivables as of December 2023, reportedly owed by defunct banks and other entities, but lacking clear identification of debtors.
– Alleged duplication of N3.8 trillion in subsidy deductions recorded in both crude oil proceeds and petroleum product revenues.
– About N5 trillion charged as direct production costs by NNPCL and NAPIMS between 2017 and 2021, despite neither entity directly producing crude oil.
– N5.9 billion spent as incorporation expenses during the transition from NNPC to NNPCL.
The committee described explanations provided by NNPCL as unsatisfactory and directed that all improperly charged production costs against crude oil revenue be refunded to the federation account.
It also recommended a forensic audit of the company’s financial statements from 2017 to 2023 by the Office of the Auditor-General for the Federation.
The investigation began in May 2025 following the review of audited financial statements and records from NAPIMS (now NNPCL Upstream Investment Limited) for the period under scrutiny.
Earlier, the committee had summoned the current NNPCL Group CEO, Bayo Ojulari, to appear on July 10, 2025, to address similar audit queries over the N210 trillion. After Ojulari failed to appear, lawmakers reaffirmed the demand and warned that non-compliance could lead to the issuance of an arrest warrant.
The committee has now extended the summons to the former executives, emphasizing the seriousness of the matter and its commitment to holding public officials accountable for the stewardship of national resources.
