Former Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, has denied allegations that ₦210 trillion was unaccounted for in the company’s financial records during his tenure, maintaining that no funds were missing.
Kyari described the disputed figures as a result of misinterpretations of accounting entries, insisting that the financial discrepancies did not indicate any loss of money under his leadership.
He made the clarification on Tuesday while appearing before the Senate Committee on Public Accounts, which is examining queries raised by the Office of the Auditor-General of the Federation concerning NNPCL’s audited accounts from 2017 to 2023.
Defending his tenure, the former NNPCL chief said he had worked in the interest of the country and made efforts to implement the resolutions of the National Assembly, particularly in strengthening investments and developing the downstream petroleum sector.
He expressed confidence in his record at the company, insisting that he had no intention of engaging in any financial misconduct.
“I am very proud that we have served this company in the best way possible. I remain loyal to this country and have done nothing deliberately for wrongdoing,” he said.
On the payments made to the Federal Inland Revenue Service, Kyari explained that the transactions were related to registration, attributing the discrepancies to errors in accounting entries.
He also clarified that the ₦2.9 billion questioned by the committee represented statutory payments.
Regarding allegations that ₦5 billion was spent on changing the company's name, Kyari said the decision to rename the corporation was taken by the National Assembly, stressing that no funds were expended on the exercise.
He subsequently submitted his report to the committee for consideration.
Speaking after his presentation, the committee chairman disclosed that the panel had identified 23 issues in the audit reports, noting that only one or two were directly connected to the former NNPCL managing director.
The chairman said the submitted report would be circulated among members for review, adding that the committee could invite relevant officials and the Auditor-General of the Federation for further explanations where necessary.
He also acknowledged Kyari's apology for failing to attend previous sittings, assuring him that the committee would examine the figures presented.
Kyari was subsequently discharged by the committee pending the conclusion of its investigation.
The Senate committee commenced its investigation in June 2025 following discrepancies in NNPCL's audited financial statements covering the 2017 to 2023 financial years.
The disputed ₦210 trillion comprises ₦103 trillion recorded as accrued expenses and another ₦107 trillion classified as sundry receivables.
The panel has repeatedly questioned the explanations provided by the company, demanding a comprehensive account of the transactions.
In March 2026, the committee summoned Kyari and other former NNPCL executives to clarify the entries. It later ordered his arrest in June after he failed to honour its invitation.
However, former officials of the national oil company have consistently maintained that the disputed amount was not missing, arguing that the controversy arose from a misunderstanding of the company's financial statements.
