Suggestions




···

Ex-NNPCL GCEO Kyari to Appear Before Senate Over Alleged ₦210 Trillion Discrepancy

March 5, 2026
by
NNPCL GMD

A Senate committee has warned it may issue arrest warrants against former officials of the Nigerian National Petroleum Company Limited (NNPCL) if they fail to appear before it on a date to be announced, lawmakers said on Thursday.

The committee, chaired by Senator Wadada, said the former management team is expected to appear alongside the current leadership, led by GCEO Bayo Ojulari, and external auditors who worked with the company during the period under review.

Join our WhatsApp Channel

The panel said it expects the company to account for ₦210 trillion flagged in audit reports, comprising ₦103 trillion and ₦107 trillion that were allegedly not properly explained in the company’s financial records.

“NNPCL needs to properly account for ₦210 trillion,” the committee said, noting that its 19 questions arising from last year’s audit were not satisfactorily answered.

The company had claimed the ₦103 trillion represented cumulative spending by joint venture partners since 2017, while the ₦107 trillion listed as “sundry receivables” was reportedly owed by banks and other entities—a response rejected by the lawmakers.

The committee also questioned the reported ₦5 billion expenditure used to change the company’s name from the former Nigerian National Petroleum Corporation to NNPCL, calling the spending unacceptable and demanding explanations.

In addition, the panel directed NNPCL to refund all production costs charged against crude oil revenue, arguing that the company and its subsidiaries do not directly produce crude oil.

READ ALSO:

Don’t Demonize Dangote and Fail To Compel NNPCL To Convert Contract Staff To Full Employment – CSO Warns NUPENG, PENGASSAN

Atiku Accuses Tinubu Administration of ‘Grand Larceny’, Demands Audit of NNPCL’s ₦17.5tn Pipeline-Security Spending

NNPCL Posts ₦5.4tn Profit in 2024, Unveils Roadmap to Attract $60bn Investments by 2030

The committee recommended that the Office of the Auditor-General for the Federation conduct a forensic audit of NNPCL’s financial statements for the period, in line with Section 85 of the 1999 Constitution.

Former GCEO Abba Kyari led the national oil company from 2019 to 2025.

+ posts

Prosper Okoye is a Correspondent and Research Writer at Prime Business Africa, a Nigerian journalist with experience in development reporting, public affairs, and policy-focused storytelling across Africa

Prosper Okoye

Prosper Okoye is a Correspondent and Research Writer at Prime Business Africa, a Nigerian journalist with experience in development reporting, public affairs, and policy-focused storytelling across Africa

Leave a Reply

Your email address will not be published.

Related Posts

Naira vs Dollar: What To Expect This Week (24th-30th, March 2025)
Previous Story

Naira Depreciates Against Dollar In Black Market, Official Window

Next Story

Tinubu Appoints Four New Permanent Secretaries

Featured Stories

Related Posts

Latest from News

Nigeria Power Output Falls Below 4,000 MW Amid Gas Shortages

Electricity generation on Nigeria’s national grid has fallen sharply due to persistent gas supply shortages, the Nigerian Independent System Operator (NISO) said on Thursday. Total power generation stood at 3,940.53 megawatts as of 5:00 a.m. on March 5, below expected levels as

Tinubu Appoints Four New Permanent Secretaries

President Bola Ahmed Tinubu has approved the appointment of four new permanent secretaries to fill vacancies in Nigeria’s federal civil service, the government said on Thursday. The appointees are Warrens Bekearedebo Augusta from Bayelsa State, Jones-Nebo Nkiruka Bella from Enugu State, Aminu

Reps Move to Create Legal Framework for Decarbonisation

The House of Representatives has begun moves to establish a legal framework to guide the country’s decarbonisation programme as part of efforts to accelerate the transition to a low-carbon economy, lawmakers said on Thursday. The proposed National Decarbonisation Bill has passed first

Tinubu Approves New Gratuity Scheme for Retiring Civil Servants

President Bola Ahmed Tinubu has approved a new exit benefit scheme granting retiring federal civil servants a gratuity equivalent to 100 percent of their annual salary, officials said on Thursday. The decision was approved by the Federal Executive Council and will take

Nigeria Cooking Gas Price Jumps 40% Amid Us, Iran Crisis

Cooking gas prices in Nigeria have jumped about 40 percent amid the ongoing fighting involving the United States, Israel and Iran. Liquefied Petroleum Gas (LPG) now sells for about 1,400 naira per kilogramme at retail outlets in parts of Lagos, up from
Naira vs Dollar: What To Expect This Week (24th-30th, March 2025)
Previous Story

Naira Depreciates Against Dollar In Black Market, Official Window

Next Story

Tinubu Appoints Four New Permanent Secretaries

Don't Miss

More Woes For Nigerians As Cooking Gas Price Rises By 70%

Cooking Gas Price Falls, Supply Rises, Govt Projects Further Decrease

The federal government said it was putting measures in place
Should I go to the Doctor?

Do I See A Doctor?

Put a finger up if you have ever asked this