WADADA REVEALS REASON SENATE QUESTIONED KYARI, EX-NNPCL OFFICIALS ABOUT N210TN
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By: Fasasi Hammad
The Senate has reaffirmed that the immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, along with other former top executives, must account for alleged financial discrepancies totaling approximately N210tn identified in the company’s audited statements from 2017 to 2023.
Senator Aliyu Wadada (Nasarawa West), Chairman of the Senate Public Accounts Committee, stated that the former management team will be summoned to a public hearing to clarify issues highlighted in the audit reports.
Speaking on Sunday as a guest on the media, Wadada emphasized the committee’s commitment to uncovering the facts behind the alleged discrepancies.
He said, “We are inviting them to appear before the committee in a public hearing to clear the air on this controversial, ambiguous, and unacceptable conduct. We shall, immediately after Eid, write to them through the GMD of NNPCL.”
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The Senate probe follows concerns that the oil company has yet to fully account for about N210tn, which includes N103tn reportedly spent by the corporation and its joint venture partners, and N107tn recorded as receivables in NNPCL’s books.
Earlier, the committee had summoned Kyari, former Chief Financial Officer Umar Ajia Isa, and former Group General Manager of the National Petroleum Investment Management Services, Bala Wunti. The panel warned that warrants of arrest could be issued if the officials fail to appear.
Regarding the N107tn in receivables, Wadada described the explanation given as unsatisfactory, noting that the amounts were allegedly owed by defunct banks, yet no bank names or specific figures were provided. He added, “This implies that for years there has been under-declaration to the Federation Account concerning petroleum proceeds.”
Wadada also commended President Bola Tinubu for issuing an executive order directing that revenues generated by NNPCL meant for the federation be remitted directly to the Federation Account.
On allegations that the discrepancies occurred during the current administration, the senator emphasized that the ruling All Progressives Congress government deserves credit for allowing the Senate probe to proceed.
Beyond the disputed trillions, Wadada criticized the reported N5.8bn spent on rebranding the Nigerian National Petroleum Corporation (NNPC) to NNPCL. He explained that the amount was double-charged, with N2.9bn deducted by NNPC and an additional N2.9bn by NAPIMS for the same purpose. “How then do we accept this choice?” he asked.
Finally, Wadada dismissed claims that the Senate investigation was politically motivated, insisting that the probe aims solely to ensure transparency and accountability in the management of public funds.
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