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The immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied allegations that ₦210tn was unaccounted for in the company's financial records, insisting that the discrepancies were accounting entries and not evidence of missing funds.
Kyari made the clarification on Tuesday when he appeared before the Senate Committee on Public Accounts to address audit queries covering the company's accounts between 2017 and 2023.
He maintained that no money was lost during his tenure from 2019 to 2025, describing the flagged figures as bookkeeping issues that had been misunderstood as financial infractions.
“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,” he said.
Kyari also denied claims that ₦5bn was spent on changing the company's name from the Nigerian National Petroleum Corporation to NNPC Limited following the enactment of the Petroleum Industry Act (PIA) 2021.
He explained that approximately ₦2.99bn was paid by NNPC on behalf of the Federation for its incorporation and subsequently charged to the government's revenue account.
According to him, the payment covered services provided by government institutions and was reflected in the company's former NAPIMS account.
Defending his tenure, Kyari said his administration transformed the national oil company from a loss-making organisation into a profitable enterprise.
He told the committee, chaired by Senator Ibrahim Dankwambo, that NNPC recorded a loss of about $803bn in 2018, before he assumed office as Group Managing Director in 2019.
He added that restructuring efforts under his leadership resulted in sustained profits for the first time in the company's 44-year history.
Responding, Dankwambo said the committee would examine Kyari's submissions and supporting documents before deciding whether to invite him again.
“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,” he said.
Kyari's appearance followed months of controversy over the Senate's investigation into audit queries involving more than ₦210tn in NNPCL's financial records.
The queries, forwarded to the committee by the Office of the Auditor-General for the Federation, concern unresolved financial entries and discrepancies in the company's accounts.
The committee had earlier threatened to invoke its constitutional powers to compel Kyari's appearance after he allegedly failed to honour several invitations.
About the Author
Blessing Stephanie Okorie is a journalist, writer, and Mass Communication student at Lagos State University. She covers energy, business, and youth-focused issues, with a keen interest in telling stories that connect people, policy, and impact. She
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