₦airaland Forum

The Senate Committee on Public Accounts has summoned former Nigerian National Petroleum Company Limited (NNPCL) Group CEO, Mele Kyari, and his management team over alleged financial discrepancies totalling N210 trillion.

Chairman of the committee, Sen. Ahmed Wadada, disclosed the summon at a news conference in Abuja on Thursday, explaining that it followed NNPCL’s unsatisfactory response to its audited financial statements between 2017 and 2023.

He said the inquiry began in May 2025 after the Office of the Auditor-General for the Federation flagged concerns in reports for the years ending 2019 and 2020.

Wadada said the committee submitted 19 questions to NNPCL management seeking clarifications on inconsistencies in the financial records. He noted that the responses were largely inadequate.

“One major issue is an accrued expenses figure of N103 trillion recorded in the company’s 2022 audited statements, covering retention, legal, and audit fees, without specific allocations,” he said.

He said NNPCL later claimed the amount reflected cumulative spending by joint venture partners under the joint venture cash call arrangement. The committee rejected the explanation, noting the regime had been abolished in 2016 and was no longer applicable from January 2017.

The committee also queried the N107 trillion recorded as sundry receivables as of December 2023.

NNPCL said part of the amount was owed by defunct banks and other entities, but failed to provide a detailed breakdown identifying responsible institutions.


Wadada said the officials are expected to provide detailed explanations for the alleged infractions.

Pakute:
https://dailytrust.com/senate-panel-summons-kyari-ex-nnpcl-officials-over-n210trn-discrepancies/

Pakute:
https://dailytrust.com/senate-panel-summons-kyari-ex-nnpcl-officials-over-n210trn-discrepancies/

Pakute:
https://dailytrust.com/senate-panel-summons-kyari-ex-nnpcl-officials-over-n210trn-discrepancies/

Joetota:
N210 trillion unaccounted for in a country where millions can’t afford food, jobs are scarce, and basic security is a luxury.

Nigeria is not a poor country — it is a rich country captured by a few powerful people.

The tragedy is that while a handful swim in unimaginable wealth, over 150 million Nigerians struggle to survive. This is not just corruption, it is injustice to an entire nation.

muyico:
Make federal government sell this refinery

Ours politicians no corrupt or chop ours money to this extend

anonimi:
How Indorama sustains manufacturers, boosts Nigeria’s FX earnings

Indorama Eleme Petrochemicals Limited (IEPL) has emerged as a major value creator in the Nigerian economy. It is responsible for the survival, growth and sustenance of many manufacturing companies in Nigeria today. A large number of plastic and allied firms depend on the Eleme-based company for petrochemical resins (or polymer resins) which serve as their raw materials.

The petrochemical company is just one of the several subsidiaries of Indorama-Nigeria Group, which also comprises Indorama Eleme Fertilizer & Chemicals Limited (IEFCL), Indorama PET Nigeria Limited, and Indorama Port Operations.

Since Indorama Corporation of Indonesia became core investor in the old Eleme Petrochemicals Company Limited (EPCL) in 2006 through privatisation programme of the Federal Government, the group has become a game changer in the Nigerian economy.

The petrochemical company has solved the major challenge facing a number of manufacturers— poor access to raw materials. Rather than scramble for foreign exchange to import inputs, the company ensures that manufacturers have access to their critical raw materials, enabling them to save costs and improve margins.

The major resins used by plastic and allied companies are polyethylene and polypropylene. Indorama produces about 45 grades of these products for various industries. About 600 of such companies in Nigeria depend on IEPL for their survival. They are estimated to have over 90,000 workers.

https://businessday.ng/real-sector/article/how-indorama-sustains-manufacturers-boosts-nigerias-fx-earnings/

Joetota:
N210 trillion unaccounted for in a country where millions can’t afford food, jobs are scarce, and basic security is a luxury.

Nigeria is not a poor country — it is a rich country captured by a few powerful people.

The tragedy is that while a handful swim in unimaginable wealth, over 150 million Nigerians struggle to survive. This is not just corruption, it is injustice to an entire nation.