The Nigerian Senate Committee on Public Accounts has reiterated its commitment to investigating the alleged missing sum of ₦210 trillion from the Nigerian National Petroleum Company Limited (NNPCL) for the financial years 2021, 2022, and 2023. The committee, led by Chairman Senator Ibrahim Hassan Dankwanbo, conducted a legislative inquiry into NNPCL's audited financial statements and financial operations. This inquiry aimed to examine the company's financial records, transactions, operational activities, and compliance with relevant financial and statutory requirements.
The committee's investigation involved the appearance of Mele Kyari, the former Group Managing Director (GMD) and Chief Executive Officer of NNPCL. Kyari appeared before the committee for the first time since the commencement of the investigation on November 10, 2026. He had previously indicated his inability to attend a scheduled meeting on June 10, 2026, due to health challenges and requested a rescheduled engagement. The committee studied Kyari's report and may invite him again for further explanations to properly reconcile NNPCL's accounts concerning the alleged missing funds.
During the meeting, Kyari presented his report on the issues under investigation and apologized for his inability to attend previous meetings due to health challenges. He promised to fully cooperate with the investigation and assured the committee that he would honour any future invitations without hesitation. Kyari adopted the submissions made by the former Chief Financial Officer regarding the financial reports presented, particularly on the issue of the ₦210 trillion allegedly construed in the reports as having been lost.
Kyari maintained that nothing was missing from NNPCL, assuring the committee that such a development was not possible under his care and leadership. He expressed his readiness to provide further clarification on the issues under investigation and honour the committee's invitations at any time. The committee's chairman, Senator Dankwanbo, emphasized the importance of factual engagement with Kyari over the alleged missing sum.
The Senate Committee on Public Accounts aims to ensure transparency and accountability in the management of NNPCL's finances. The committee's investigation into the alleged missing funds is part of its oversight functions to ensure that public funds are properly managed. The probe also seeks to examine NNPCL's compliance with relevant financial and statutory requirements.
The NNPCL probe has significant implications for Nigeria's oil and gas industry, which is a critical sector of the country's economy. The committee's findings and recommendations are expected to contribute to improved governance and transparency in the management of the country's natural resources. The investigation also highlights the importance of accountability and transparency in the management of public funds.
The committee's engagement with Kyari marks a crucial step in the investigation into the alleged missing funds from NNPCL. The probe is ongoing, and the committee may invite other stakeholders to provide further clarification on the issues under investigation. The Senate Committee on Public Accounts remains committed to ensuring that the investigation is conducted in a fair and transparent manner.
Key points
- The Senate Committee on Public Accounts is investigating the alleged missing sum of ₦210 trillion from NNPCL for the financial years 2021, 2022, and 2023.
- Mele Kyari, the former GMD of NNPCL, has assured the committee of his cooperation and transparency in the investigation.
- The committee aims to ensure transparency and accountability in the management of NNPCL's finances and compliance with relevant financial and statutory requirements.
