…Ex-NNPCL CFO Denies Missing Funds

The Senate Committee on Public Accounts has ordered the arrest of former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, following his failure to appear before the committee investigating audit queries relating to NNPCL’s finances between 2017 and 2023.

The directive was issued on Tuesday during an investigative hearing chaired by Senator Ibrahim Dankwambo (PDP, Gombe North) in Abuja.

The committee is probing audit queries raised by the Office of the Auditor-General for the Federation concerning NNPCL’s financial records during the period under review.

Kyari’s absence from the hearing sparked heated debate among committee members, with some senators calling for his immediate arrest, while others urged the panel to grant him another opportunity to appear.

Senators Saliu Mustapha (APC, Kwara Central) and Tony Nwoye (LP, Anambra North) informed the committee that Kyari was reportedly receiving medical treatment in Germany and should be given another chance to honour the invitation.

However, several lawmakers opposed the suggestion.

Senator Abdul Ningi (PDP, Bauchi Central) argued that any claim of illness should be supported by documentary evidence rather than verbal explanations.

Senator Victor Umeh (LP, Anambra Central) subsequently moved a motion for the issuance of a warrant for Kyari’s arrest, which was seconded by the committee’s deputy chairman, Senator Peter Nwaebonyi (APC, Ebonyi North).

Nwaebonyi said the committee had repeatedly invited Kyari without success and stressed the need to conclude its assignment.

“This is the ninth time this committee is meeting on the 19 audit queries raised against NNPCL by the Office of the Auditor-General for the Federation,” he said.

Following a voice vote, the committee adopted the motion and directed that Kyari be brought before it to answer questions relating to the audit issues under investigation.

During the hearing, former NNPCL Chief Financial Officer, Umar Ajiya Isa, rejected claims that N210 trillion was missing or unaccounted for in the company’s records.

Ajiya argued that the figure being discussed exceeded the company’s total revenue during the period in question.

“NNPCL’s total revenue for the period under review was about N54.5 trillion before deducting production costs. It is therefore impossible for N210 trillion to be missing or unaccounted for,” he told the committee.

He maintained that the publication of audited financial statements by the company demonstrated transparency and accountability.

According to him, if such a huge sum had been missing, the company would not have been able to publish audited accounts.

Ajiya also dismissed allegations that N5.8 billion was spent on the registration of NNPC Limited, describing the claim as inaccurate and urging the committee to verify the matter with the Corporate Affairs Commission and the Federal Inland Revenue Service, now known as the Nigeria Revenue Service.

He warned that unverified allegations could damage the reputation of both the company and the country, noting that international rating agencies often rely on publicly available information in assessing investment risks and sovereign ratings.

The former CFO further called on relevant agencies, including the Nigerian Financial Intelligence Unit and the Economic and Financial Crimes Commission, to investigate the claims and establish the facts.

The committee subsequently directed Ajiya and former Chief Upstream Investment Officer, Bala Wunti, to reappear before it in two weeks as the investigation continues.

The Senate panel is expected to submit its findings after concluding its review of the audit queries raised against the national oil company. (Vanguard)

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