The Senate Committee on Public Accounts has raised alarm over the N5.9 billion reportedly spent on rebranding the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited, while also questioning financial discrepancies totalling about N210 trillion.
Chairman of the committee, Aliyu Wadada Ahmed, made the remarks during a public hearing where lawmakers reviewed the financial records of the national oil company.
Wadada described the N5.9 billion spent on the transition as excessive, questioning why such a huge amount would be used simply to change the organisation’s name.
“Who in this day and age will comprehend such a figure being expended just to change the name of NNPC to NNPCL?” he asked.
Documents examined by the committee revealed that NNPC allegedly spent about N2.9 billion on incorporation expenses drawn from petroleum product proceeds. At the same time, the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion against crude oil revenue for the same purpose.
According to Wadada, the duplication resulted in a combined expenditure of about N5.9 billion on the incorporation process.
The senator also raised concerns about financial figures totalling about N210 trillion — made up of N103 trillion and N107 trillion — which he said were not properly explained to the committee.
He stated that the NNPC should refund the N210 trillion since the figures could not be reconciled according to standard accounting principles.
The committee subsequently summoned former NNPC Group Managing Director, Mele Kyari, alongside former Chief Financial Officer Umar Ajiya and other officials, including a former Group General Manager of NAPIMS, to appear before it.
Wadada said the individuals involved during the period under review must appear before the committee to provide clarification.
He added that the current management of NNPCL must also appear with the company’s external auditors to explain the disputed financial figures.
The Senate committee noted that the investigation forms part of its ongoing efforts to strengthen transparency and accountability in the management of public funds within Nigeria’s oil sector.