Senate May Invite Kyari Over Alleged Missing N210trn In NNPCL

The Senate Committee on Public Accounts might invite Mele Kyari, the former Group Managing Director of the Nigerian National Petroleum Corporation Ltd (NNPCL), if the closed-door meeting scheduled for October 28 with the oil company fails to resolve the alleged discrepancies in the company’s audited accounts, which reportedly involve N210 trillion in unaccounted funds.

Tuesday’s meeting between the committee and the Bayo Ojulari-led management of the NNPCL is to discuss the oil company’s response to the 19 queries on the audited financial statement, which the lawmakers said were unsatisfactory.

The committee has alleged that N210 trillion went unaccounted for by the oil firm between 2017 and 2023, according to findings from the audited financial statements. The committee has also issued 19 queries to the NNPCL regarding these funds.

Aliyu Wadada, the chairman of the committee on resumption of the lawmakers, disclosed that the oil company had responded to the queries during the holiday, and the committee members would discuss the response.

During a meeting two weeks ago to discuss NNPCL’s responses, the members unanimously criticised the oil company’s document, deeming it inadequate to address the raised issues. This led to the decision to hold a meeting with the oil company’s leadership on October 28.

Wadada has not responded to media inquiries and has refused to comment on the committee’s next course of action.

A committee member told InsideBusinessNG that inviting Kyari, the former GCEO, is potentially the last resort, given his leadership of the oil company during the period covered by the audited financial statement under investigation.

Regarding the NNPC issue, the committee member stated that Bayo Ojulari is being summoned, but Mele Kyari, who was at the NNPC during the alleged anomalies, is not being called at this time.

“After reviewing NNPC’s response, our committee found it unsatisfactory, scoring it zero on all 19 questions regarding their seven-year audited accounts.”.

“To address the issue, we’ve held two closed-door meetings and plan to brief NNPC in a private session before making any public statements.”.

“We’ve invited NNPC to a closed-door meeting with management on October 28, before making the matter public. We need NNPCL to understand the situation, and therefore expect Ojulari to attend with Kyari, as the alleged anomalies occurred during Kyari’s tenure.

“Ojulari should request that Mele explain, as it is not our responsibility to summon him. Government continuity dictates that Ojulari remains accountable, and we expect him to bring his predecessor in to explain the situation.

“We may invite Kyari, and subpoena him as a last resort if he refuses”.

Since June, the Senate and NNPC have been in dispute over discrepancies in NNPC’s audited financial statements, prepared by SIAO, VWC, Muktali Dangana & Co., and Ahmed Zakaria & Co. The lawmakers issued four deadlines for the NNPC leadership to appear after the oil company attempted to explain the discrepancies via letter.

The NNPCL’s rejected letter cited the need for documentation and the absence of top management officials attending an international retreat as reasons for missing the Senate’s original deadline.

The Aliyu Wadada-led committee issued four deadlines to the NNPCL, all of which were missed. These deadlines, initially set for two weeks and expiring on May 27th, were subsequently extended by one week, then by two weeks expiring on July 10th, and finally by three weeks expiring in August after being issued on July 29th.

The Senate committee’s empty threats have cast doubt on its ability to conclude the investigative hearing.

Having missed the August deadline, NNPCL requested a meeting with the committee on September 1 but did not attend.

Wadada’s defection from the SDP to the APC on August 12, driven by his gubernatorial ambitions and the desire for presidential endorsement, undermined public expectations for a thorough Senate committee investigation into alleged corruption within the NNPCL.

By international convention, to which Nigeria is a signatory, the opposition party chairs the Public Accounts Committees in the National Assembly to ensure executive accountability and promote good governance.

Wadada’s move to the APC, seeking presidential backing for his governorship ambition, has dashed hopes for a thorough committee probe of the NNPCL, historically a source of presidential funds.