The Nigerian Senate has issued a high-stakes ultimatum to the Nigerian National Petroleum Company Limited (NNPC), demanding a full accounting for $N2.10$ trillion in revenue and summoning the Group Chief Executive Officer, Mele Kyari, to appear before it on April 29, 2026.
The order comes from the Senate Committee on Public Accounts following discrepancies found in financial records and persistent questions regarding fuel subsidy under-recoveries and joint venture funding.
Key highlights of the Senate’s directive:
- Financial Accountability: The Senate is seeking clarity on the whereabouts and utilization of $N2.10$ trillion that was allegedly not remitted or properly accounted for in recent financial cycles.
- Summoning the GCEO: Mele Kyari is expected to appear in person on April 29 to provide documented evidence and verbal testimony regarding the company’s financial operations and its transition into a limited liability entity.
- Subsidy Scrutiny: Part of the inquiry focuses on the “under-recovery” costs associated with petrol imports, with lawmakers expressing dissatisfaction over the transparency of these figures.
- Legislative Warning: The Committee Chairman warned that failure to appear or provide the requested documents would lead to “severe constitutional consequences,” emphasizing that the era of “financial opacity” within the oil giant must end.
