Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has dismissed allegations that N210 trillion was missing from the company’s financial records, insisting that no public funds were lost under his leadership.
Kyari made the clarification while appearing before the Senate Committee on Public Accounts, which is investigating financial discrepancies identified in the national oil company’s audited accounts covering 2017 to 2023.
The former NNPCL boss attributed the controversial figures to accounting and bookkeeping irregularities, arguing that the audit findings had wrongly portrayed financial entries as missing money.
“I confirm at this moment that nothing is lost. It’s simply not possible under my care and under my leadership for that to happen. It did not happen, and there are actually entry issues, which I know have been clarified,” he told the lawmakers.
The N210 trillion under investigation comprises N103 trillion recorded as accrued expenses and another N107 trillion listed as sundry receivables in the company’s financial statements.
Kyari maintained that the figures did not represent money diverted or unaccounted for, adding that he had submitted explanations to the committee to clarify the transactions.
He also challenged the interpretation of some financial submissions made by former NNPCL financial officers, insisting that the controversy could only be properly understood through a detailed examination of the company’s accounting records.
Another issue addressed during the session was the expenditure of N2.99bn associated with the incorporation and registration of NNPCL following the enactment of the Petroleum Industry Act.
Kyari explained that the payment covered statutory services provided by government agencies and was made by the company on behalf of the Federation before being charged to government revenue.
He rejected suggestions that the money was spent to secure the company’s name or registration, arguing that the Petroleum Industry Act had already provided for its incorporation and identity.
“This company was named by the National Assembly, so you don’t need to pay any kobo to register it,” he said.
The former chief executive also dismissed claims that N5bn was paid to change the company’s name from the Nigerian National Petroleum Corporation to NNPCL.
Defending his stewardship, Kyari said he introduced financial transparency and accountability measures after assuming leadership of the national oil company in 2019.
He explained that the publication of NNPCL’s financial statements was intended to expose its operations to public scrutiny and strengthen accountability to Nigerians.
According to him, the reforms helped reposition the company from years of financial losses to sustained profitability.
Kyari claimed that NNPCL recorded a loss of about $803bn in 2018, before he assumed office, but subsequently returned to profitability following measures introduced during his tenure.
“We took the bold decision to publish the financial records of this company, which had never been done in its 43 years of existence,” he told the committee.
He also apologised for failing to honour previous invitations by the Senate panel, attributing his absence to medical and family-related circumstances.
Responding, Chairman of the Senate Committee on Public Accounts, Senator Ibrahim Dankwambo, said the committee would examine Kyari’s submissions alongside the relevant financial records before determining the next line of action.
Dankwambo explained that the panel would circulate the former NNPCL chief’s report among members for detailed consideration.
He stressed that the committee’s decision to allow Kyari to leave after his appearance did not amount to an endorsement of his explanations or the conclusion of the investigation.
The chairman noted that the audit queries before the committee covered 23 issues, although only a few were directly connected to Kyari’s period in office.
The investigation into the disputed N210 trillion dates back to June 2025, when the Senate began examining discrepancies in NNPCL’s audited financial statements.
The controversy has attracted considerable public attention, particularly over questions surrounding the management of the country’s petroleum revenues and the financial accountability of the state-owned energy company.
In June 2026, the Senate committee ordered Kyari’s arrest following repeated failures to honour its invitations.
His latest appearance provides lawmakers with an opportunity to examine his explanations, although the committee has yet to reach a final conclusion on the disputed financial entries.
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