Abuja — Nigeria’s Senate has summoned former top officials of the Nigerian National Petroleum Company Limited (NNPCL) to explain an alleged ₦210 trillion in financial discrepancies flagged in the company’s audited accounts.
The Senate Committee on Public Accounts issued the summons on Thursday, March 5, 2026, following a review of audit reports covering the company’s financial activities from 2017 to 2023.
Among those invited to appear before the committee are the immediate past Group Chief Executive Officer of NNPCL, Mele Kyari; former Chief Financial Officer, Umar Ajia Isa; and former Group General Manager of the National Petroleum Investment Management Services, Bala Wunti.
Committee Chairman Aliyu Wadada said the lawmakers were not satisfied with explanations previously provided by the oil firm regarding the massive figures identified in audit documents.
According to the audit reports, the combined ₦210 trillion comprises two major figures — ₦103 trillion recorded as “accrued expenses” and ₦107 trillion listed as sundry receivables — which lawmakers say were not properly explained in the company’s financial statements.
Wadada explained that the former officials must appear before the panel alongside the current leadership of NNPCL, led by Group Chief Executive Officer Bayo Ojulari, as well as the external auditors who worked with the company during the period under review.
The Senate committee also raised concerns over the reported ₦5 billion spent on the company’s rebranding from Nigerian National Petroleum Corporation to Nigerian National Petroleum Company Limited, saying the expenditure lacked adequate justification.
The panel warned that a warrant of arrest could be issued against the former executives if they fail to honour the invitation when the hearing date is communicated.
In addition to summoning the officials, the committee recommended that the Office of the Auditor‑General for the Federation conduct a forensic audit of the company’s financial statements from 2017 to 2023 to ascertain the true status of the funds.
Lawmakers said the investigation aligns with broader efforts to strengthen transparency and accountability in the management of public resources in Nigeria’s oil sector.
