NNPCL/NAPIMS Financial controversy over 210trillion Naira unacconted for

Abuja, March 5, 2026 — Nigeria’s Senate has initiated a fresh probe into the financial records of the Nigerian National Petroleum Company Limited (NNPCL), summoning former top executives of the national oil company to explain alleged discrepancies amounting to ₦210 trillion recorded in audit reports between 2017 and 2023.
The Senate Committee on Public Accounts, chaired by Aliyu Wadada, issued the invitation after reviewing several audit queries relating to the operations and financial statements of the state-owned energy company.
Among those asked 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 the former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti.
According to the committee, the amount under scrutiny consists of two separate figures — ₦103 trillion and ₦107 trillion — which auditors flagged as requiring further clarification.
Lawmakers noted that NNPCL explained the ₦103 trillion as cumulative expenses incurred by joint venture partners through cash call arrangements during the period under review. However, the committee said the explanation provided did not sufficiently resolve the issues raised in the audit report.
The company also reportedly listed ₦107 trillion in its audited financial statements as subsidy receivables and other outstanding debts owed by banks and various entities as of December 2023.
Senator Wadada stated that the committee expects the former officials to appear alongside the current management of NNPCL led by Group Chief Executive Officer Bayo Ojulari, as well as the external auditors responsible for reviewing the company’s accounts during the years in question.
The panel also raised questions about a reported ₦5 billion expenditure linked to the transition of the company’s name from the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL), requesting detailed explanations for the cost.
As part of its resolutions, the committee directed the Auditor-General for the Federation to carry out a comprehensive forensic audit of the company’s financial statements covering the period under review.
The committee warned that failure by the invited officials to appear before the panel may lead to further legislative actions, including the issuance of a warrant to compel their attendance.
The investigation forms part of ongoing oversight efforts by the Senate to strengthen transparency and accountability in Nigeria’s oil and gas sector under the administration of President Bola Ahmed Tinubu.

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