The Senate Committee on Public Accounts has summoned former Nigerian National Petroleum Company Limited (NNPCL) Group CEO, Mele Kyari, and his management team over alleged financial discrepancies totalling N210 trillion.
Chairman of the committee, Sen. Ahmed Wadada, disclosed the summon at a news conference in Abuja on Thursday, explaining that it followed NNPCL’s unsatisfactory response to its audited financial statements between 2017 and 2023.
He said the inquiry began in May 2025 after the Office of the Auditor-General for the Federation flagged concerns in reports for the years ending 2019 and 2020.
Wadada said the committee submitted 19 questions to NNPCL management seeking clarifications on inconsistencies in the financial records. He noted that the responses were largely inadequate.
“One major issue is an accrued expenses figure of N103 trillion recorded in the company’s 2022 audited statements, covering retention, legal, and audit fees, without specific allocations,” he said.
He said NNPCL later claimed the amount reflected cumulative spending by joint venture partners under the joint venture cash call arrangement. The committee rejected the explanation, noting the regime had been abolished in 2016 and was no longer applicable from January 2017.
The committee also queried the N107 trillion recorded as sundry receivables as of December 2023.
NNPCL said part of the amount was owed by defunct banks and other entities, but failed to provide a detailed breakdown identifying responsible institutions.
Wadada said the officials are expected to provide detailed explanations for the alleged infractions.
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