Nigeria’s oil sector has once again come under the spotlight as the Senate intensifies scrutiny of financial activities within the national oil company. Lawmakers have summoned former top executives of the Nigerian National Petroleum Company Limited over an alleged ₦210 trillion expenditure recorded between 2017 and 2023, raising fresh concerns about transparency and accountability in the management of the country’s most strategic revenue-generating institution.
At the centre of the investigation is the immediate past Group Chief Executive Officer of the company, Mele Kyari, alongside former Chief Financial Officer Umar Isa Ajiya and a former Group General Manager of the National Petroleum Investment Management Services, Bala Wunti. The Senate committee handling the probe said the former officials must appear before it to provide explanations on figures contained in the company’s audited financial statements.
Senate demands explanation for ₦210tn
Chairman of the Senate committee investigating the matter, Aliyu Wadada Ahmed, said the lawmakers were dissatisfied with the responses earlier provided by the oil company to 19 queries raised from its audit report. According to him, the combined figure of ₦210 trillion—made up of ₦103 trillion and ₦107 trillion remains inadequately explained.
The ₦103 trillion, the company reportedly said, represented cumulative amounts expended by joint venture partners through cash calls since 2017. However, the committee insisted the explanation was insufficient and maintained that the amount must be properly accounted for.
Lawmakers also raised questions about another ₦107 trillion listed in the company’s financial statements as subsidy-related receivables and other outstanding claims owed by various entities, including banks. The Senate noted that the combined figures require clear documentation to determine how the funds were spent and whether due financial procedures were followed.
₦5bn name-change expenditure queried
Beyond the larger financial concerns, the committee also queried the spending of about N5 billion on the transition from the defunct Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited. Senators described the amount as excessive and demanded a detailed explanation of how the funds were utilised.
The panel warned that failure by the former management team to appear before it could lead to the issuance of a warrant of arrest. It also called on the Office of the Auditor-General for the Federation to conduct a forensic review of the company’s audited financial statements for the period under investigation.
Despite the probe, the committee reiterated its support for the administration of Bola Ahmed Tinubu, noting that the ongoing investigation aligns with the government’s broader push for transparency, accountability and improved governance in the management of public resources within Nigeria’s oil and gas sector.