By George Mgbeleke

The Senate on Thursday summoned immediate past Group Chief Executive Officer ( GCEO) of the Nigerian National Petroleum Company Limited ( NNPCL) , Mele Kyari , the Chief Financial Officer , Umar Ajia Isa and Dr Bala Wunti to refund unaccounted N210trillion expended by the company between 2017 and 2023.

The Red Chamber threatened to issue warrant of arrest against the summoned past management team of NNPCL if they fail to appear before it on a date to be forwarded to them soon , wondering among others , why a whopping sum of N5billion was spent by the National Oil Company on change of Name from NNPC to NNPCL .

These resolutions of Senate on summoning of the immediate past top management team of the NNPCL was taken at its meeting Public Accounts held on Thursday.

Chairman of the committee, Senator Aliyu Wadada Ahmed ( Nasarawa West), who read out the resolutions while briefing Senate Correspondents explained that the summon on the past management team of NNPCL , should be led by the incumbent GCEO, Engineer Bayo Ojulari .

Announcing the resolutions one after the other , Senator Wadada said : ” NNPCL should refund the sum of N210 trillion, being the combined sum of N103 trillion and N107 trillion, which were not properly accounted for as contained in the audit reports .NNPCL ,should and must account for the two figures.

“The second resolution of the committee is that the NNPCL should reform to treasury all production costs charged against crude oil revenue for the period under review since the NNPC and its subsidiaries, NAPIMS and co. do not directly produce crude oil.

“Three, that Immediate past management of NNPCL and NAPIMS, i.e, Mele Kyari as the then GCEO, Umar Ajia Isa as the then CFO and Bala Wunti as the then GGM, NAPIMS, should and must appear before the committee and to be led by the present management with the entire body of the external auditors that served within the period under review.

” Four, that the Auditor General for the Federation should carry out forensic audit review of the audited financial statements of NNPCL for the period under review in line with section 85 of the constitution of the federal republic of Nigeria (1999 as amended)”.

He added that the committee as contained in the audit report, wondered how NNPC spent a whopping sum of N5billion on change of name from NNPC to NNPCL .

” This to us in the committee , is unacceptable and satisfactory explanations must be given “, he said .

According to him , the committee came up with the resolutions due to inability of NNPCL to give satisfactory answers to the 19 questions posed to it from queries raised in the audit report .

” NNPCL, as a result of the questions that we asked, responded that the N103 trillion represented cumulative amounts expended by NNPCL Joint Venture Partners from JV Cash Calls 2017. For that, this response is unacceptable and the figure of N103 trillion is still lingering and hanging on NNPC.

“The Subsidy receivables according to the audited financial statement of NNPCL stood at N107 trillion. As at December 2023 NNPCL recorded N107 trillion as sundry receivables which it claims part of it was owed by some different banks and other entities . When put together, NNPCL need to properly account for N210trillion ” he explained .

The committee however affirmed its legislative support to President Bola Ahmed Tinubu led Federal government , who according to it , is doing everything possible in ensuring transparency , probity and accountability in the management of public fund.

By Our Correspondent

Despite court orders to susoend demolition of Onitsha Main Market pending the determination of a substantive suit, Governor Chukwuma Soludo of Anambra State in the early hours of Sunday, precisely 1am Sunday commenced the demolition of Onitsha Main market reating panic and wailing among traders and Residents the market

Daily Echoes Media gathered that as at 12.30 am security operatives that included, military, Nigeria Civil Defence. Corps and Agunechember security outfit barricaded the roads leading to the market prior to the demolition.

As at 12pm Sunday, shops at Johnson street and some parts of the Gwomgworo (major structure, of the market have been pulled down and extended to lines within the market.

Narrating his ordeal in the hands of security operatives, a trader at the market, Okeke Akasim said, “I rushed to evacuate my wares at 2am when I heard that they have started demolishing Main market and on getting close, a security man said I must ‘settle’ him before passing and I gave him #500.

“When I got close to my shop it was already demolished with the wares there and I collapsed and on regaining consciousnes managed to leave without a pin from my shop, ” he stated.

Another trader who pleaded anonymity stated that, ” in my presence the iron structure of my shop was sold by a vigilante operative despite my plea to him. He asked me why I did not comply with the order that we should remove our wares within 14 days.”

Scavengers are reported to have made brisk business as shops with iron features are ready made wares for the scanvegers at give away prices.

It is obvious that traders at the Main market who will come to the market on Monday will not be allowed to enter the market as it had been barricaded by security operatives who took over the market since weekend till the time of filing this story.

By George Mgbeleke

The Senate on Thursday asked the Federal Government to revert back to old payment system for contractors as against the current centralized system which made it to be indebted to many contractors even on projects executed in 2024 not talk of those of 2025 .

The committee also sought for replacement of the Envelope budgeting system with priority or performance based model just as it called for sack of the Registrar General of the Corporate Affairs Commission ( CAC) , Hussaini Ishaq Magaji, SAN.for persistent refusal to appear before the committee .

The lawmakers took these resolutions during the interactive session it had with economic management team of the Federal Government led by the Minister of Finance and Coordinating Minister of Economy , Mr Wale Edun which also had in attendance , the Minister of Budget and National Planning , Senator Atiku Bagudu , the Accountant General of the Federation , Dr Shamseldeen Babatunde Ogunjimi and the Chairman, Nigeria Revenue Service ( NRC ) Zacch Adedeji .

Putting the economic team on their toes in his opening remarks at the critical interactive session , the Chairman of the Committee , Senator Sani Musa ( Niger East ) , told them that realities on ground based on feedbacks gotten from submissions made by heads of the various MDAs during budget defence sessions , show that the impact of the economy is not felt by ordinary Nigerians .

According to him ,” the economic team need to collaborate with the National Assembly for way out , which for us here , requires replacement of current operational systems .

” Specifically, based on submissions made by heads of various agencies during the ongoing budget defence sessions , the Envelope system of budgeting has failed and needs to be replaced by priority based model .

“The incremental allocation model has outlived its usefulness. It promotes routine expenditure expansion rather than strategic prioritisation.

” Similarly , the centralized system of payment which has led to many contractors remaining unpaid for projects already executed , should be replaced with the old system which allows the various MDAs , pay contractors they gave job to ” , he said .

He further emphasised the need to restore strict adherence to the annual budget cycle, insisting that budgets must be time-bound and measurable.

“If, by December, we cannot assess ourselves realistically, then the system is failing. We must return to a disciplined budget cycle where one fiscal year ends before another begins”, he said .

In their separate remarks , all the members of the committee toed the line of the Chairman by admonishing the economic team to sit up for better budget planning and implementation as well as prompt payments of contractors .

In their responses, the economic team , assured the committee and by extension, Nigerians that the outlook for 2026 is very positive for the N58.472trillion proposed budget in terms of implementation .

He explained to the committee that N152trillion budget profile the country current has , was not accumulated by borrowings alone .

He said : “Currently, government debt in Naira terms, is 152 trillion Naira. About 30 trillion Naira came from Ways and Means inherited by this government and N9trillion incurred from exchange rate adjustment.

“So virtually half of that debt is made up of adjustments. It is not additional borrowing.
Additional borrowing since 2023 is in the 20 trillion range.

“Going forward is what matters most. Prioritization will start with the MDAs, bringing forward growth-enhancing projects. Then the Economic Management Team will review those projects, and finally, Mr. President will decide financing based on priorities, particularly for capital projects.”