Mele Kyari, former group managing director of the Nigerian National Petroleum Company (NNPC) Limited, has denied allegations that N210 trillion was unaccounted for in the company’s financial records between 2017 and 2023.
Kyari said no money was lost under his leadership, adding that the disputed figures arose from accounting entries and bookkeeping issues rather than financial infractions.
He spoke on Tuesday when he appeared before the senate committee on public accounts, chaired by Ibrahim Dankwambo, to respond to queries raised by the office of the auditor-general of the federation over NNPC’s audited financial statements.
The former NNPC chief, who led the company from 2019 to 2025, said the allegations did not reflect any loss of public funds under his watch.
“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,” he said.
“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.”
The disputed N210 trillion comprises N103 trillion recorded as accrued expenses and N107 trillion listed as sundry receivables in the company’s financial statements covering 2017 to 2023.
Kyari also dismissed allegations that N5 billion was spent on changing the company’s name from NNPC to NNPCL, insisting that no such expenditure was incurred under his watch.
He equally addressed queries concerning the registration and incorporation of NNPC Limited, explaining that the company had made payments on behalf of the federation and subsequently charged the amounts to government revenue.
“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,” he said.
“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.
“This was simply an accounting entry, involving approximately N2.99 billion. 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 not correct.”
Kyari told the committee that the national oil company was transformed from a loss-making entity into a profitable organisation during his tenure.
He said the NNPC recorded a loss of about $803 billion in 2018, before he assumed office as group managing director in 2019, adding that the company subsequently recorded sustained profits 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 $803 billion in 2018,” he said.
“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, recording sustained profits.”
Dankwambo said the panel would examine Kyari’s submissions alongside the relevant figures before deciding whether further clarification would be required.
He said the audit queries under consideration covered 23 issues, but only one or two related directly to Kyari’s tenure.
“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,” Dankwambo said.
The chairman also said the committee accepted Kyari’s apology for missing previous sittings, adding that his submissions would be circulated among members for examination.
Kyari was discharged by the committee pending the conclusion of its investigation.
The senate committee is probing contradictions in NNPC’s audited accounts — specifically N103 trillion in accrued expenses and N107 trillion in receivables.
In June, the committee ordered the arrest of Kyari over his repeated failure to honour invitations in the ongoing probe of the company’s finances.
