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• Seeks EFCC, NFIU independent probe of Senate’s claims
From Adesuwa Tsan, Abuja
Former Chief Financial Officer of the Nigerian National Petroleum Company Limited (NNPCL), Umar Ajiya, has rejected claims of an unaccounted N210 trillion linked to the company, insisting that the figure is inconsistent with its financial records, audited statements, and actual revenue performance.
Meanwhile, members of the Committee on Public Accounts had a heated session over moves to compel the former Group Chief Executive Officer (GCEO), Mele Kyari, to testify in its investigation into alleged discrepancies in the company’s audited accounts valued at N210 trillion.
The committee is investigating 19 audit queries raised against the NNPCL by the Office of the Auditor-General for the Federation in audited financial statements covering 2017 to 2023.
Chaired by Ibrahim Dankwambo, the panel later resolved to issue a bench warrant on Kyari, which will be implemented by the Senate President, Godswill Akpabio.
Ajiya, who appeared before the Committee, described the allegation as “mathematically impossible,” arguing that it does not align with any cash flow records or revenue data contained in NNPCL’s books.
He said the total revenue generated by the company between 2017 and 2023 stood at about N54.5 trillion, stressing that it would be financially impossible for a figure nearly four times higher to be classified as unaccounted funds.
“To be clear, there is no missing money. The N210 trillion being referenced is not supported by any cash flow records or revenue data within NNPC’s books. Even the entire revenue for the period is about N54.5 trillion. So the idea that N210 trillion is unaccounted for is not consistent with financial reality,” Ajiya told lawmakers.
He insisted that the controversy stems from a misinterpretation of audit queries raised by the Office of the Auditor-General, noting that such queries are standard reconciliation issues meant to improve reporting accuracy and not evidence of fraud or missing funds.
Ajiya further stressed that NNPCL’s audited financial statements, which have been published in recent years, remain the most reliable reference point for assessing the company’s financial position, adding that they reflect independently verified accounts.
He also noted that for over four decades, the company’s accounts were not consistently available in a fully transparent and publicly audited form, but said recent reforms had changed that trajectory.
According to him, the publication of audited accounts now provides clear visibility into the company’s finances and significantly reduces the possibility of undetected large-scale discrepancies.
Ajiya warned that the circulation of inflated or unverified financial figures could have serious reputational consequences for Nigeria and its economy.
“Unfounded claims do real damage,” he said. “They harm the reputations of individuals, institutions, and ultimately Nigeria itself. International rating agencies use public information to assess countries. When inaccurate figures circulate without verification, it can affect perceptions and even influence financing decisions.”
He added that in previous instances, misinterpretation of financial or project-related data had contributed to delays in securing international financing for critical infrastructure projects, urging caution in handling sensitive fiscal allegations.
The former CFO called on relevant investigative and financial oversight bodies, including the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU), to independently verify the disputed figures.
He said only a structured forensic review based on audited records and financial statements could conclusively resolve the controversy and restore public confidence.
“When people claim N210 trillion is missing, the question should be: where exactly is the evidence?” he said. “This is why agencies like the NFIU and EFCC should be involved to conduct proper verification so Nigerians can see the facts clearly.”
Ajiya maintained that he remained fully available to provide documents and explanations to any authorised institution reviewing NNPCL’s financial operations.
Meanwhile, members of the Committee on Public Accounts had a heated session over moves to compel the former Group Chief Executive Officer (GCEO) , Mele Kyari, to testify in its investigation into alleged discrepancies in the company’s audited accounts valued at N210 trillion.
The committee is investigating 19 audit queries raised against the NNPCL by the Office of the Auditor-General for the Federation in audited financial statements covering 2017 to 2023.
Chaired by Ibrahim Dankwambo, the panel later resolved to issue a bench warrant on Kyari, which will be implemented by the Senate President, Godswill Akpabio.
The warrant followed a motion by Victor Umeh, who argued that the committee could no longer tolerate delays in an investigation involving what lawmakers described as one of the largest financial accountability exercises undertaken by the National Assembly.
“This matter has lingered for too long. Nigerians deserve answers. The committee cannot continue to wait indefinitely while critical questions concerning trillions of naira remain unanswered,” Umeh said.
Before the motion was adopted, Saliu Mustapha and Tony Nwoye urged the committee to exercise restraint, informing members that Kyari was reportedly receiving medical treatment in Germany.
Nwoye told the committee that he had recently spoken with the former NNPCL boss.
“I spoke to Mele Kyari about a week ago. He promised that he would be here. But incidentally, I learned last night that the man is hospitalizsed in Germany,” he said.
The explanation, however, failed to convince many members of the panel. Abdul Ningi insisted that verbal claims of illness were insufficient and should be backed by documentary evidence, while Deputy Chairman of the committee, Peter Nwaebonyi, declared that granting another extension would amount to a futile exercise.
“This is the ninth time this committee is meeting on the 19 queries raised against NNPCL by the Auditor-General. Three of those meetings were chaired by me.
“Mr Chairman, the time to issue a warrant of arrest against Mele Kyari is now because the committee must conclude its assignment and report back to the Senate,” Nwaebonyi said.
The debate became heated when Nwaebonyi interrupted Nwoye’s intervention, accusing him of appearing to defend the former NNPCL chief.
“You are not Kyari’s lawyer!” Nwaebonyi fired back, prompting a brief exchange among members.
Nwoye immediately responded: “I’m not holding brief for Mele Kyari. I’m duty-bound to bring this information to the committee. The decision on whether to issue a warrant of arrest is entirely for this committee to make.”
Former Edo State Governor and lawmaker representing Edo North, Adams Oshiomhole, backed the motion, warning that the National Assembly risked undermining its authority if it failed to enforce compliance with its summons.
“Some people believe they are bigger than Nigeria. The law must be effective when it catches the lion, not only when it catches the rabbit.
“This committee must have the courage and the will to deploy its powers and issue a warrant of arrest, not tomorrow, but today. Bring Mele Kyari here, dead or alive. These are allegations involving trillions of naira at a time Nigerians are suffering and the country is borrowing heavily,” Oshiomhole said.
Following overwhelming support from members, Dankwambo put the motion to a voice vote and subsequently declared: “Anywhere Mele Kyari is, he should be arrested and brought before this committee.”
Also, the former Chief Upstream Investment Officer of NNPC Upstream Investment Management Services, Bala Wunti, also made his submission to the lawmakers. He explained that he had not received any formal invitation regarding the probe and only became aware of the hearing after being contacted by Senator Ningi.
Wunti requested additional time to study the audit report and prepare his response.
The committee granted him two weeks and also resolved to investigate why an invitation was not served on him.
It subsequently stepped down consideration of matters relating to his appearance pending further review.
