Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has insisted that no funds went missing during his tenure, dismissing allegations of ₦210 trillion in unaccounted financial records as accounting discrepancies rather than evidence of financial loss.
Kyari made the clarification on Tuesday, November 10, while appearing before the Senate Committee on Public Accounts to answer questions concerning audit queries involving the national oil company between 2017 and 2023.
He maintained that the disputed figures had been misunderstood, explaining that they arose from bookkeeping entries and other accounting issues.
“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.
The former NNPCL chief, who led the organisation between 2019 and 2025, also addressed allegations that ₦5 billion was spent on changing its name following the enactment of the Petroleum Industry Act in 2021.
He explained that approximately ₦2.99 billion was paid to government institutions for services connected with the company’s incorporation, adding that NNPCL initially made the payment on behalf of the Federation before charging it to the government’s revenue account.
He said, “At the time of incorporation, the company was not owned by the Federation in the same manner. The Federation was therefore responsible for the payment relating to the incorporation of NNPC.
“However, NNPC made the payment on behalf of the Federation and subsequently charged it to the Federation’s revenue, which was reflected in what we referred to as the former NAPIMS account of NNPC.
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“This was simply an accounting entry, involving approximately N2.99bn. It was a payment made to government institutions responsible for providing the relevant services. I have also seen comments suggesting that N5 billion was paid for the naming of the company. That is incorrect.”
Kyari also defended his performance in office, claiming that his administration transformed NNPCL from a loss-making organisation into a profitable company.
He told the committee, chaired by Senator Ibrahim Dankwambo, representing Gombe North, that the company recorded a loss of about $803 billion in 2018, before he assumed office in 2019.
He said, “Mr Chairman, you may be aware from the financial records that the company recorded a loss of about $803billion 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”
Following his presentation, Dankwambo said the committee would examine the documents and explanations submitted by the former NNPCL boss before deciding whether to invite him again.
He said, “We shall interrogate the figures submitted by the former GMD to know whether to invite him again. For now, he has responded to the two issues relating to his leadership of NNPC during the period under review.”
The Senate investigation followed audit queries forwarded by the Office of the Auditor-General for the Federation concerning NNPCL’s financial records from 2017 to 2023, with disputed entries reportedly exceeding ₦210 trillion.
Kyari’s appearance came after lawmakers expressed frustration over his failure to honour previous invitations. Senator Victor Umeh had moved a motion seeking his appearance, while Senator Adams Oshiomhole called for an arrest warrant to compel him to account for his stewardship.
However, the Senate subsequently clarified that committees could not issue or execute arrest warrants without following the provisions of the Legislative Houses (Powers and Privileges) Act and obtaining the Senate President’s express approval.
The Senate also distanced itself from Oshiomhole’s description of NNPCL as “a bunch of criminals and thieves,” stressing that the statement did not represent the position of the Red Chamber.
The committee is expected to scrutinise Kyari’s submissions to determine whether they adequately resolve the outstanding audit queries.