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Former NNPCL CFO: When People claim N210trn is missing, they should be asked where exactly did it go?

A former Chief Financial Officer (CFO) of Nigerian National Petroleum Company Limited (NNPCL), Umar Ajiya, says no money is missing, contrary to reports that the company could not account for N210 trillion audit queries of the Auditor-General for the Federation.

Ajiya stated this on Wednesday in Abuja after presenting his report on the queries raised in the audit reports from 2017 to 2023.

“Mr Chairman and distinguished senators, I want to assure this committee and indeed, all Nigerians that no money is missing.

“Many of us appearing before this committee today have, over the past five or six years, consistently presented and defended the accounts and reports of the company.

“If any money had gone missing during our period of supervision, we would not have had the courage to publish our audited accounts.

“For over 44 years, the company’s accounts were either not prepared or, when prepared, were not made public. In many instances, they were not even made available to the auditor-general.

“We decided to change that culture by ensuring that the accounts were submitted to the auditor-general and published on our website for public scrutiny.

“We wanted Nigerians to examine them, ask questions and help restore trust in NNPC by moving away from the era of opacity.

“Having carefully reviewed the report, I observed that two key figures generated significant public concern.

“The first is the claim that N5.8 billion was spent to register the new company, NNPC Limited,” he said.

Ajiya described the claim as inaccurate, adding that the actual amount used for the registration was N2.9 billion, and was paid directly to two government agencies.

He said that the money was paid to the Corporate Affairs Commission (CAC) and Federal Inland Revenue Service (FIRS), now known as Nigeria Revenue Service (NRS).

“This can be independently verified with both agencies,” he stated.

Ajiya stated that someone might have misinterpreted the accounting records under the Petroleum Industry Act (PIA) or from the Federal Ministry of Finance.

“They are the shareholders representing the Nigerian people. ”

“Since MOFI did not provide the funds for the registration, NNPC paid the registration fees on behalf of the shareholders.

“Subsequently, the relevant entities recorded the transaction in their respective books, as required under standard accounting procedures.

“It appears that whoever advised the committee may have added the figures recorded in different books and mistakenly concluded that N5.8 billion was spent.

“No third party was paid to register the company. The funds were paid directly by NNPCL to government agencies, and that fact can be verified,” he said.

The former NNPCL chief said that unfounded claims had done real damage and harmed the reputations of individuals, the company and Nigeria in general.

“International rating agencies use public information to assess countries; negative, inaccurate reports can hurt Nigeria’s credit rating and our national interests.

“We have seen this before, while seeking about 2.5 billion dollars in Chinese financing for the Ajaokuta-Kaduna-Kano gas pipeline.

“An unpatriotic petition was submitted to Chinese authorities. Despite a sovereign guarantee, the financing was disrupted and the project remains uncompleted.

“Actions like that discourage public servants. At times, it is frustrating.

“But as Nigerians, we remain committed to serving our country and contributing to its development.

“When people claim N210 trillion is missing, they should be asked: where exactly did it go?

Agencies like the Nigerian Financial Intelligence Unit and the EFCC should investigate and establish the facts so Nigerians can trust the truth,” he said.

The committee consequently adjourned hearing and directed Ajiya and Bala Wunti, who served as Chief Upstream Investment Officer during the period under review, to reappear before it in two weeks.

Credit NAN: Texts excluding Headline

Former NNPCL CFO: When People claim N210trn is missing, they should be asked where exactly did it go?
Economy
11-Jun-2026

Senate issues Arrest Warrant on Kyari over 'Missing N210trn' at NNPCL, says 'we cannot wait for him to appear at his convenience'

The Senate Committee on Public Accounts has issued a warrant of arrest on former Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over his alleged repeated refusal to honour the committee’s summons.

Reports that the committee had invited leadership of NNPCL to appear before it to respond to audit queries involving a cumulative sum of N210 trillion spanning 2017 to 2023.

The audit queries emanated from the audit report of the Office of the Auditor-General for the Federation on expenditures of MDAs from 2017 to 2023.

The public accounts committee had said that the Group Chief Executive Officer of NNPCL, Bayo Ojulari, was expected to lead the delegation.

Other officials listed to appear included Kyari, former Chief Financial Officer, Umar Ajia, Bala Wunti and the company’s external auditors.

However, at the resumed hearing of the committee on Wednesday, Kyari was absent, a development that infuriated the lawmakers.

Victor Umeh, who moved the motion to issue warrant of arrest, said Kyari’s attitude showed that he was not taking the committee serious.

“Kyari should be here; we cannot wait for him to appear before us at his convenience.

“It is a national emergency that Mele Kyari should cut short his trip anywhere in the world and return home.

“He should come before this committee to answer the questions put by the auditor-general for the federation against NNPCL.

“So if I am to say, I will say that this committee should issue a warrant of arrest against Kyari.

“We are talking about trillions of naira. The country is not faring well. If we have access to these funds, we will not be in this financial challenge.

“He must come and explain what has happened to these funds. So I so move that he should be issued a warrant of arrest,” Umeh said.

However, Tony Nwoye said that Kyari had spoken to him, assuring him that he would appear at the resumed hearing of the committee.

Nwoye said that the current information available to him indicated that Kyari was currently hospitalised at a hospital in Germany.

“I spoke to Mele Kyari; that was a week ago; he promised that he would be here.

“But incidentally, I learnt last night that the man is hospitalised in Germany; yes, he is in hospital in Germany,” the senator said.

Onyekachi Nwaebonyi, who attempted to shut down Nwoye from further making remarks, said that his colleague, Nwoye, was not the lawyer representing Kyari and as such, had no right to defend his absence.

He noted that Kyari had ignored summons by the committee for nine consecutive times.

Nwaebonyi consequently seconded Umeh’s motion, saying that a warrant of arrest should be issued on the former NNPCL GCEO.

Chairman of the Committee, Ibrahim.Dankambo, consequently affirmed the motion, following a unanimous voice vote by members of the committee on the motion.

Credit NAN: Texts excluding Headline

Senate issues Arrest Warrant on Kyari over 'Missing N210trn' at NNPCL, says 'we cannot wait for him to appear at his convenience'
Economy
11-Jun-2026

Communique Issued at the end of 109th Board Meeting of NCC held on May 25, 2026

The Board of the Nigerian Communications Commission held its 109th Meeting on May 25, 2026.
Infrastructure Expansion Commitments by Operators
The Board acknowledged the significant investments being undertaken by the Mobile Network Operators (MNOs) to enhance network coverage, capacity and overall Quality of Experience. As part of their commitment, it was noted that operators have planned the deployment of over 12,000 additional coverage and capacity sites towards improving the Quality of Experience, with over 5,000 already completed representing over 40% completion rate.
The Board further noted the continued strengthening of transmission infrastructure, with fiber connectivity extended to more than 700 sites, improving network resilience, backhaul capacity and service reliability. In addition, colocation and infrastructure sharing licensees have sustained their investment in infrastructure upgrades, deploying new equipment across over 2,000 Base Transceiver Stations (BTS) to support operators’ network expansion efforts and improve compliance with QoS obligations.
Quality of Service Consumer Compensation and Tower Investment Obligation
The Board reviewed the outcomes of the consumer-focused directive to MNOs to compensate subscribers for poor Quality of Service experiences in areas where prescribed service standards were not met, and the directive to Co-location and Infrastructure Sharing Licensees (TowerCos) to reinvest regulatory fines into infrastructure upgrades with measurable outcomes with a view to improving network resilience and service delivery.
The Board noted substantial progress in the implementation of the Commissions directive, particularly, the full compliance of which has resulted in compensation being offered to over 75million affected subscribers. The Board further acknowledged ongoing efforts to independently validate operators’ claims and ensure all eligible subscribers receive compensation due to them while encouraging consumers to continue their engagement with the Commission.
With respect to the infrastructure providers, the Board observed that TowerCos have only partially complied with the directive requiring the funding of escrow accounts with the full amount of the regulatory fines for infrastructure reinvestment. While noting the progress made to date, the Board emphasized the importance of full compliance to ensure that the intended infrastructure improvements are realized sustainably.
Expanding Fibre Infrastructure to Support Data Demand and Quality Service
The Board accepted the report on data consumption trends in Nigeria and noted that, while demand continues to accelerate, growth has been constrained by limited infrastructure capacity, a heavy dependence on mobile internet connectivity and the duplication of assets, factors that have invariably compromised quality of service.
The Board noted the encouraging growth in Fibre-to-the-Home (FTTH) connections, which increased from 84,141 subscribers in Q4 2025 to 210,065 subscribers as at Q5 2025. While the number of connections remains modest relative to the scale of national demand, the upward trend reflects growing adoption of fixed broadband services. Continued expansion of FTTH and other fixed-fibre connections will help to ease pressure on mobile networks, improve service quality and provide consumers with more connectivity options.
The Board also noted the Commission’s ongoing review of the telecommunications market structure to reflect current market realities, including the distinct roles of the wholesale and retail segments and the application of appropriate regulatory measures where necessary. The Board further noted that broader access to wholesale backbone fibre, supported by expanded metropolitan fibre networks, will enable more homes, buildings and businesses to connect to fixed broadband services. Over time, this should help to reduce underlying connectivity costs, create the conditions for more affordable retail data services and improve network resilience.
The Board re-affirms that this structured approach represents the most sustainable pathway to meeting Nigeria’s data needs over the next decade, consistent with the Federal Government’s digital transformation agenda and the target of a $1 trillion economy.
Addressing Continued Infrastructure Damage
The Board noted the prevailing sectoral challenges affecting the operations of licensees of the Commission, including infrastructure vandalism, which has continued to hamper industry growth. The Board acknowledged the ongoing efforts by the Office of the National Security Adviser and the Nigeria Security and Civil Defence Corps to protect telecommunications infrastructure following its designation as Critical National Information Infrastructure (CNII). However, it emphasised the need for greater collaboration among industry stakeholders to strengthen the protection and security of network facilities and related infrastructure. In this regard, the Board reaffirmed its commitment to fast-tracking initiatives aimed at enhancing infrastructure security, including exploring the feasibility of establishing a Communications Industry Security Trust Fund.
Zero-rating Educational Platforms and Content 
The Board assessed the ongoing engagements with industry players towards developing a framework and determining the best approach to Zero-rate educational platforms and content in the country. The initiative is aimed at promoting digital inclusion, bridging the urban rural divide and improving educational outcomes in the country.
Repositioning of the Digital Bridge Institute 
The Board reviewed the status of the Digital Bridge Institute (DBI), a company limited by guarantee, and noted the governance gaps arising from the expiration of the tenure of the DBI Board Chairman and some Board members.
In order to strengthen governance oversight and reposition DBI to contribute more effectively to Nigeria’s digital economy, the Board approved the appointment of Princess Oforitsenere Emiko, a Non-Executive Commissioner of the Nigerian Communications Commission, as Interim Chairman of the DBI Governing Board.
The Board further approved the appointment of Engr. Abraham Oshadami, Executive Commissioner, Technical Services, and Ms. Rimini Makama, Executive Commissioner, Stakeholder Management, as interim members of the DBI Governing Board.
The Meeting ended with a commitment to stakeholders that the Commission will foster a sustainable and inclusive communication sector as an enabler of the digital economy. Furthermore, the identified priorities of Quality of Service and network resilience, consumer protection and transparency, fair competition and market discipline, will continue to be pursued.
Credit NCC PR

Communique Issued at the end of 109th Board Meeting of NCC held on May 25, 2026
Back Page
09-Jun-2026

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