The Chairman of the Senate Committee on Public Accounts, Aliyu Wadada Ahmed, has warned that individuals may face imprisonment if ongoing investigations uncover wrongdoing in the financial records of Nigerian National Petroleum Company Limited.
Speaking during an interview on Channels Television’s Politics Today, Wadada said the Senate would pursue its investigation into alleged discrepancies in the company’s audited financial statements until all issues are clarified.
The probe focuses on about N210 trillion recorded as liabilities and assets in the company’s books between 2017 and 2023. According to the senator, the committee has already identified several issues requiring detailed explanations.
“If it means that people will go to jail, we must see this to the end without a break,” Wadada said.
The lawmaker also raised concerns about an alleged N5.8 billion spent on rebranding the national oil company from NNPC to NNPCL, describing the expenditure as questionable.
He explained that the committee discovered what appeared to be a double charge for the same project. According to him, N2.9 billion was reportedly taken from petroleum product proceeds for the rebranding exercise, while another N2.9 billion was charged by National Petroleum Investment Management Services for the same purpose.
“When you combine the two figures, the total becomes N5.8 billion just to add ‘Limited’ to the name and repaint the logo. That raises serious questions,” Wadada said.
Another major issue identified by the committee involves about N103 trillion listed as accrued expenses in the company’s audited financial statements. Wadada said the amount was broadly categorised under retention fees, legal fees and audit fees without a clear breakdown.
“The audited financial statement is supposed to provide clarity on the financial dealings of an organisation, yet N103 trillion was simply listed as accrued expenses without detailed figures attached to each category,” he said.
According to the senator, the current management of the company told the committee the funds were used to settle joint venture obligations. However, Wadada questioned that explanation, noting that cash call arrangements in joint ventures had been abolished in 2016 under former President Muhammadu Buhari.
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The committee also expressed concern over about N107 trillion recorded as receivables in the company’s books. The oil company reportedly attributed the figure to funds owed by some defunct banks, but Wadada said no specific institutions or amounts were identified.
“No bank was mentioned and no figure was attached to any bank. How then do we accept that figure as an asset?” he asked.
Wadada further revealed that the committee discovered what it described as duplication in subsidy charges exceeding N3.8 trillion. According to him, both NNPCL and its subsidiary NAPIMS recorded subsidy charges separately during the same period.
He added that the Senate committee would invite the immediate past management of the company to appear before it to clarify the issues. Those expected to be questioned include former Group Chief Executive Officer Mele Kyari, former Chief Financial Officer Umar Ajiya, and former NAPIMS Managing Director Bala Wunti.
According to Wadada, the invitations will be issued through the current management of the company after the Eid holiday.
The senator also dismissed suggestions that the investigation was politically motivated, insisting that the committee was performing its constitutional oversight responsibility.
“Poverty does not recognise religion, tribe or political party. Nigerians deserve transparency and accountability in the management of public funds,” he said.
He added that the committee would also question the external auditors who approved the company’s financial statements.
