Fear in Nigeria’s Oil Empire: Senate Probes Missing N210trn as Tompolo-Linked Oil Security System Faces Scrutiny
By Paul Ebi
ABUJA — The Senate Committee on Public Accounts has summoned the immediate past Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Mele Kyari, alongside former Chief Financial Officer Umar Ajia Isa and former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Dr. Bala Wunti, over an alleged N210 trillion not properly accounted for by the company between 2017 and 2023.
The committee, chaired by Aliyu Wadada, representing Nasarawa West, issued the summons on Thursday after reviewing several audit queries concerning the financial records of the national oil firm.
Wadada warned that the Senate could issue a warrant of arrest against the former management team if they fail to appear before the committee on the scheduled date.
He said the former officials are expected to appear before the panel alongside the current management of the oil company led by Group Chief Executive Officer Bayo Ojulari, as well as external auditors who handled the company’s books during the period under investigation.
Senate Queries N210 Trillion Figures
Addressing journalists after the committee meeting, Wadada said lawmakers had directed the oil company to account for a combined N210 trillion cited in audit reports.
According to him, the figure comprises N103 trillion and N107 trillion flagged by auditors as funds that were not properly explained in the company’s financial records.
“NNPCL should refund the sum of N210 trillion, being the combined sum of N103 trillion and N107 trillion, which were not properly accounted for as contained in the audit reports. NNPCL should and must account for the two figures,” Wadada said.
The committee noted that the company had attributed the N103 trillion to cumulative expenditures by joint venture partners through cash calls between 2017 and 2023 — an explanation the lawmakers described as unsatisfactory.
Meanwhile, the company reportedly recorded the N107 trillion as subsidy receivables and sundry debts in its audited financial statements as of December 2023, claiming the funds were owed by various banks and other entities.
“When put together, NNPCL needs to properly account for the N210 trillion,” Wadada insisted.
Questions Over Name Change Cost
The panel also raised concerns over N5 billion reportedly spent to facilitate the transition of the company’s name from the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.
“This, to us in the committee, is unacceptable and satisfactory explanations must be given,” Wadada said.
Forensic Audit Ordered
As part of its resolutions, the committee directed the Office of the Auditor-General for the Federation to carry out a forensic audit of the company’s financial statements covering the period under review, in line with Section 85 of the 1999 Constitution (as amended).
The lawmakers also ordered the oil company to remit to the Treasury all production costs charged against crude oil revenues, stressing that the national oil firm and its subsidiaries — including NAPIMS — do not directly produce crude oil.
Despite the allegations and ongoing probe, the committee reaffirmed its support for the administration of Bola Ahmed Tinubu, noting that the government remains committed to strengthening transparency, accountability and prudent management of public resources.
