Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has denied allegations that N210tn was missing from the company’s accounts, telling the Senate that the disputed figures were accounting entries rather than evidence of financial loss.

Kyari made the clarification on Tuesday while appearing before the Senate Committee on Public Accounts, which is investigating unresolved audit queries in the national oil company’s financial records covering 2017 to 2023.

He insisted that no funds were lost during his tenure from 2019 to 2025, arguing that auditors’ findings had been misinterpreted 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 told the committee.

Kyari said he had provided explanations for the disputed entries in his written submission to the lawmakers.

He also dismissed allegations that N5bn was spent on changing the name of the former Nigerian National Petroleum Corporation to NNPC Limited after the Petroleum Industry Act was enacted in 2021.

Addressing questions about the company’s incorporation, he said NNPC initially paid about N2.99bn on behalf of the Federation before transferring the expense to the government’s revenue account.

According to him, the payment was made to government institutions responsible for providing incorporation services and was subsequently reflected in the company’s former National Petroleum Investment Management Services account.

Kyari described reports that N5bn was spent on the company’s renaming as incorrect.

Defending his record in office, the former NNPCL chief said he inherited a loss-making organisation and introduced reforms that turned it into a profitable company.

He told the committee, chaired by Senator Ibrahim Dankwambo, that the company recorded a loss of about $803bn in 2018, a year before he assumed office as Group Managing Director.

Kyari said efforts to restructure the company’s operations led to sustained profits for the first time in its 44-year history.

Responding, Dankwambo said the committee would scrutinise Kyari’s submissions and supporting documents to determine whether further questioning would be necessary.

“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 senator said.

Kyari’s appearance followed months of controversy over the Senate’s investigation into audit queries involving more than N210tn in NNPC’s financial records between 2017 and 2023.

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.

Ex-NNPCL boss Kyari appears before Senate over N210trn audit queries

The committee had previously threatened to use its constitutional powers to compel Kyari to appear after he allegedly failed to honour several invitations.

The pressure intensified after Senator Victor Umeh moved a motion over his absence, while Senator Adams Oshiomhole called for an arrest warrant to ensure the former NNPCL chief accounted for his stewardship.

The Senate later clarified that committees could not issue or execute arrest warrants outside the provisions of the Legislative Houses (Powers and Privileges) Act and without the express approval of the Senate President.

It also distanced itself from Oshiomhole’s description of NNPCL as “a bunch of criminals and thieves”, saying the remarks did not represent the position of the Senate.

The committee is expected to determine whether Kyari’s explanations sufficiently address the outstanding audit queries.

LUKMAN ABDULMALIK
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