By Our Reporter
Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has denied allegations that ₦210tn was unaccounted for in the company’s financial records, insisting that the disputed figures represented accounting entries rather than missing funds.
Kyari made the clarification on Tuesday when he appeared before the Senate Committee on Public Accounts to respond to audit queries concerning NNPC’s financial records between 2017 and 2023.
The former NNPC chief, who led the company from 2019 to 2025, maintained that no funds were lost under his leadership, describing the allegations as a misunderstanding of bookkeeping procedures.
He told the committee, chaired by Senator Ibrahim Dankwambo (Gombe North), that the discrepancies identified by auditors had been adequately explained in his written submission.
“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,” Kyari said.
He added that the issues were essentially bookkeeping matters and urged the committee to consider the explanations contained in his report.
Kyari also dismissed allegations that N5bn was spent on changing the name of the Nigerian National Petroleum Corporation to NNPC Limited following the enactment of the Petroleum Industry Act in 2021.
Addressing questions surrounding the company’s incorporation and registration, he explained that approximately ₦2.99bn was paid by NNPC on behalf of the Federation and subsequently charged to the government’s revenue account.
According to him, the payment covered services provided by government institutions responsible for the incorporation process and was properly reflected in the company’s accounting records.
He described reports that ₦5bn was spent merely to change the company’s name as incorrect.
Defending his stewardship, Kyari also claimed that his administration transformed NNPC from a loss-making organisation into a profitable entity.
He told the committee that the company recorded a loss of about $803bn in 2018, before he assumed office as Group Managing Director in 2019.
According to him, subsequent restructuring and operational reforms enabled the national oil company to achieve sustained profitability for the first time in its 44-year history.
“Mr Chairman, you may be aware from the financial records that the company recorded a loss of about $803bn in 2018.
“I took over in 2019, and we did everything possible to transform the company into a profitable organisation, which made it, for the first time in its 44 years of existence, record sustained profits,” he said.
Responding to his submissions, Dankwambo said the committee would scrutinise the figures and supporting documents provided by the former NNPC boss before determining whether further clarification would be required.
He said the lawmakers would examine Kyari’s explanations on the two issues relating to his tenure before deciding whether to invite him again.
Kyari’s appearance followed months of controversy surrounding the Senate’s investigation into unresolved audit queries and financial discrepancies in NNPC’s accounts covering the 2017–2023 period, involving more than ₦210tn.
The queries were referred to the Senate committee by the Office of the Auditor-General for the Federation.
The committee had previously threatened to invoke its constitutional powers to compel Kyari’s appearance following his alleged failure to honour several invitations.
The demand followed a motion by Senator Victor Umeh (Anambra Central), amid growing frustration among lawmakers over the former NNPC chief’s absence.
Senator Adams Oshiomhole had also insisted that Kyari must personally account for his stewardship, calling for an arrest warrant to compel him to appear before the committee.
However, the Senate subsequently clarified that no committee could independently issue or execute an arrest warrant outside the provisions of the Legislative Houses (Powers and Privileges) Act and without the required approval of the Senate President.
The Senate also distanced itself from Oshiomhole’s description of NNPC as a “bunch of criminals and thieves”, insisting that the remarks did not represent the position of the Red Chamber.
The committee’s investigation is expected to determine whether Kyari’s explanations sufficiently address the outstanding audit queries and discrepancies in the national oil company’s financial records.