As panel reviews submissions on alleged N210trn discrepancies

By Henry Umoru

ABUJA — Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied allegations that N210 trillion was unaccounted for in the company’s financial records, saying the figures cited in the 2017–2023 audit report relate to accounting entries rather than financial losses.

Kyari made the clarification on Tuesday when he appeared before the Senate Committee on Public Accounts, chaired by Senator Ibrahim Dankwambo (PDP, Gombe North).

The former NNPCL chief executive, who led the company from 2019 to 2025, insisted that no money was missing under his leadership.

“I wish to confirm that nothing was lost. It is simply not possible that such an amount could have been lost under my care and leadership.

“The matter relates to accounting entries, which have nothing to do with any financial loss.

“They are bookkeeping issues, and I believe the appropriate explanations have been provided in my report,” he said.

Kyari also disputed claims that N5 billion was spent on changing the name of the Nigerian National Petroleum Corporation (NNPC) to NNPCL, saying no such expenditure was incurred under his watch.

However, he addressed queries in the audit report concerning the registration and incorporation of NNPC Limited.

He explained that the Federation was responsible for the incorporation payment because the company was not owned by the Federation in the same manner at the time.

According to him, NNPC made the payment on behalf of the Federation and subsequently charged it to the Federation’s revenue through what was then known as the former NAPIMS account.

Kyari put the amount at approximately N2.99 billion, saying it was paid to government institutions responsible for providing the relevant services.

He added: “I have also seen comments suggesting that N5 billion was paid for the naming of the company. That is not correct.”

The former NNPCL boss also defended the company’s financial performance under his leadership, claiming that it was transformed from a loss-making entity into a profitable organisation.

He said the company recorded a loss of about $803 billion in the 2018 operational year, before he assumed office as Group Managing Director in 2019.

Kyari told the committee that efforts were subsequently made to improve the company’s performance, resulting in what he described as sustained profits for the first time in its 44-year history.

In his response, Dankwambo said the committee would examine the documents and explanations submitted by Kyari before deciding whether to invite him again.

“We shall interrogate the figures submitted by the former GMD to know whether to invite him again or not.

“For now, he has responded to the two issues relating to his leadership of NNPC during the period under review,” the senator said.

Nothing missing under my watch, Kyari tells Senate

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