Senate Summons Former NNPCL Bosses Over Alleged ₦210 Trillion Unaccounted Funds

Senate summons former NNPCL bosses over alleged ₦210 trillion unaccounted funds Nigeria’s Senate has intensified its oversight of the country’s oil sector by summoning former leaders of the Nigerian National Petroleum Company Limited (NNPCL) to explain an alleged ₦210 trillion in unaccounted funds recorded in the company’s financial statements. The summons was issued by the Senate Committee on Petroleum Resources (Upstream) as part of an ongoing probe into financial transactions and operational practices within the national oil company. Former officials summoned Those invited to appear before the committee include the immediate past Group Chief Executive Officer of NNPCL, Mele Kyari, former Chief Financial Officer Umar Isa, and the former head of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti. Lawmakers directed the former officials to appear alongside current NNPCL management and external auditors who handled the company’s accounts between 2017 and 2023. According to the Senate committee, the ₦210 trillion under scrutiny consists of:

• ₦103 trillion reportedly spent by joint venture partners as cash-call payments.
• ₦107 trillion recorded as subsidy receivables and other outstanding amounts owed by various entities, including banks.

Lawmakers said earlier explanations provided by the oil company were “unsatisfactory,” prompting the decision to summon both current and former officials for further clarification. Chairman of the committee, Aliyu Ahmed, stressed that the matter is of national importance and warned that failure by the summoned officials to appear could result in arrest warrants being issued.

“We cannot allow such huge sums to remain unexplained,” the senator said, emphasising the Senate’s constitutional responsibility to ensure accountability in public institutions. During the review, lawmakers also raised concerns about a ₦5 billion expenditure used for the rebranding of the former Nigerian National Petroleum Corporation (NNPC) to NNPCL. The committee described the spending as excessive and demanded a detailed explanation from the company’s management. To ensure transparency, the Senate has directed the Auditor-General for the Federation to conduct a forensic audit of NNPCL’s finances in accordance with constitutional provisions. The audit is expected to determine the exact status of the disputed figures and clarify whether the amounts represent liabilities, receivables, or unexplained transactions. The investigation forms part of a broader effort by lawmakers to strengthen oversight of Nigeria’s oil industry, which remains the country’s main source of government revenue. Analysts say the probe could lead to major reforms in financial transparency and operational accountability within the national oil company, depending on the outcome of the Senate’s investigation.