Nigeria’s Senate has uncovered a staggering N210 trillion discrepancy in the audited financial records of the Nigerian National Petroleum Company Limited (NNPC) covering a seven-year period, prompting
lawmakers to summon the company’s Group Chief Executive Officer, Mele Kyari, for explanations.
The discovery emerged during a review conducted by the Senate committee overseeing public accounts and financial oversight of government-owned enterprises. Senators raised concerns after examining NNPC’s financial statements, which reportedly showed inconsistencies between declared revenues, operational costs, and remittances to the federation account.
Lawmakers described the discrepancy as alarming, stressing that the figure raises serious questions about transparency and accountability within the country’s most strategic state-owned energy company. The Senate emphasized that the matter must be thoroughly clarified, given NNPC’s critical role in managing Nigeria’s oil and gas resources.
As a result, the Senate formally invited Mele Kyari to appear before the chamber to provide detailed explanations regarding the financial records, including how the discrepancies arose and whether they were the result of accounting errors, reporting gaps, or other issues.
Officials within the Senate stated that the probe aims to ensure that public resources are properly accounted for and that financial practices within NNPC comply with existing laws and governance standards.
The development has drawn significant public attention, as NNPC controls the majority of Nigeria’s oil production and plays a key role in national revenue generation. Any irregularities in its financial reporting could have major implications for the country’s economic management and public trust.
Further hearings are expected as the Senate continues its investigation into the accounts, with lawmakers indicating that additional officials may be invited if necessary to provide clarification on the company’s financial operations.
