By Ridwanullah Sakariyah
The Senate has questioned the Nigerian National Petroleum Company Limited (NNPCL) over N5bn reportedly spent to change its name from the defunct Nigerian National Petroleum Corporation.
Chairman of the Senate committee probing the company’s finances, Senator Aliyu Wadada, Nasarawa West, raised the concern while briefing journalists after a committee session on Thursday.
Wadada said the panel found the spending unacceptable and demanded explanations from the company.
“The committee also considered the N5bn expenditure on the corporation’s name change unacceptable…satisfactory explanations must be given.”
The development came as the Senate summoned the former Group Chief Executive Officer of NNPCL, Mele Kyari, alongside former Chief Financial Officer Umar Isa and former Group General Manager of the National Petroleum Investment Management Services, Bala Wunti.
The three officials are expected to appear before the committee with the current NNPCL management over financial queries linked to the company’s operations between 2017 and 2023.
Lawmakers are investigating N210tn in expenditures flagged in audit reports covering the period.
Wadada said the company must properly account for the disputed figures.
He said, “NNPCL should refund the sum of N210tn, being the combined sum of N103tn and N107tn, which were not properly accounted for as contained in the audit reports.”
The committee also warned that arrest warrants could be issued if the invited officials fail to honour the summons.
Lawmakers further asked the Auditor-General for the Federation to conduct a forensic review of the company’s audited financial statements for the period under investigation.
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