…As Ex-CFO dismisses alleged discrepancy
The controversy surrounding the Senate’s investigation into the finances of the Nigerian National Petroleum Company Limited (NNPCL) intensified yesterday, as former Group Chief Executive Officer, Mele Kyari, denied evading lawmakers, while the company’s former Chief Financial Officer, Umar Ajiya, dismissed claims of an alleged ₦210 trillion financial discrepancy as “mathematically impossible”.
The twin developments came a day after the Senate Committee on Public Accounts issued an arrest warrant against Kyari following his failure to appear before the committee investigating NNPCL’s financial records and transactions.
Responding to the warrant, Kyari described the committee’s decision as “deeply shocking”, insisting that he had earlier informed lawmakers of his inability to attend the hearing due to ongoing medical treatment abroad.
In a letter addressed to the committee, the former NNPCL boss said he had formally notified lawmakers in May of his health condition and had indicated his readiness to appear once he returned to Nigeria. “I am deeply shocked by the issuance of the warrant”, Kyari stated, adding that he had also offered to respond to urgent inquiries through his legal representatives while receiving treatment overseas.
He maintained that he was not avoiding scrutiny and had not received any fresh invitation from the committee before the warrant was issued. “Had the invitation reached me, I would have gladly honoured it”, he said, reiterating his commitment to cooperate fully with the Senate investigation.
Kyari further defended his stewardship of the national oil company, arguing that his administration transformed NNPCL from a loss-making entity into a commercially viable and profitable organisation, with all transactions properly documented and available for scrutiny.
The Senate committee, however, proceeded with the warrant after lawmakers expressed dissatisfaction with his absence from the hearing. The Motion for the warrant was moved by Senator Victor Umeh and seconded by Senator Adams Oshiomhole.
Meanwhile, appearing before the same committee, former CFO Umar Ajiya challenged the basis of claims suggesting that ₦210 trillion could not be accounted for in NNPCL’s records.
According to Ajiya, the figure being cited bears no relationship to the company’s audited financial statements or revenue performance. “To be clear, there is no missing money. The ₦210 trillion being referenced is not supported by any cash flow records or revenue data within NNPC’s books”, he told lawmakers.
He explained that NNPCL’s total revenue between 2017 and 2023 amounted to approximately ₦54.5 trillion, making it impossible for a discrepancy of nearly four times that amount to exist within the company’s accounts. Ajiya argued that the controversy stemmed largely from a misunderstanding of audit queries raised by the Office of the Auditor-General, stressing that such observations are routine reconciliation issues rather than evidence of fraud or missing funds.
He pointed to NNPCL’s audited financial statements, which have been published in recent years, as the most credible basis for assessing the company’s financial position, noting that the accounts had undergone independent verification.
The former CFO also warned that the circulation of unverified financial allegations could damage Nigeria’s international reputation and affect investor confidence. “Unfounded claims do real damage. They harm the reputations of individuals, institutions, and ultimately Nigeria itself”, he said.
To resolve the dispute, Ajiya called for independent verification by anti-corruption and financial intelligence agencies, including the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU). According to him, a forensic review based on audited records and financial statements would help establish the facts and restore public confidence in the national oil company’s finances.
The Senate Public Accounts Committee is currently examining NNPCL’s financial records and transactions amid growing public scrutiny of the company’s operations.
