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Former NNPCL boss tells Senate no money was lost under his leadership between 2019 and 2025, describing the N210tn audit discrepancies as accounting and bookkeeping issues.
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Rejects allegations that N5bn was spent on changing the company’s name, explaining that about N2.99bn covered incorporation-related payments made on behalf of the Federation.
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Defends his tenure, claiming he transformed NNPC from a loss-making organisation into a profitable enterprise that recorded sustained profits for the first time in its 44-year history.
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Senate Committee on Public Accounts says it will scrutinise his explanations and supporting documents before deciding whether to invite him for another appearance.
November 11, (THEWILL) – The immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, on Tuesday denied allegations that N210tn was unaccounted for in the company’s financial records, insisting that no funds were lost under his leadership.
Kyari, who appeared before the Senate Committee on Public Accounts, attributed the discrepancies identified in the national oil company’s 2017–2023 audit reports to accounting entries and bookkeeping issues, arguing that they should not be interpreted as evidence of missing funds or financial losses.
The former NNPCL chief, who headed the company between 2019 and 2025, said the relevant explanations had been provided in his written response to the committee
“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 told the lawmakers.
The Senate investigation followed audit queries forwarded to the committee by the Office of the Auditor-General for the Federation concerning the national oil company’s financial records between 2017 and 2023.
The queries involve more than N210tn in unresolved financial entries and discrepancies for which the company has been asked to provide explanations and supporting documentation.
Kyari Rejects N5bn Name Change Allegation
Addressing another issue raised in the audit queries, Kyari dismissed allegations that N5bn was spent on changing the name of the Nigerian National Petroleum Corporation (NNPC) to Nigerian National Petroleum Company Limited following the enactment of the Petroleum Industry Act (PIA) 2021.
He explained that the approximately N2.99bn expenditure associated with the incorporation of NNPC Limited represented payments made to government institutions responsible for providing the relevant services.
According to him, NNPC initially made the payment on behalf of the Federation before subsequently charging the amount to the government’s revenue account.
“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.
“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 N5bn was paid for the naming of the company. That is incorrect,” he said.
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Defends Financial Record Under His Watch
Kyari also defended his management of the national oil company, claiming that his administration transformed it from a loss-making organisation into a profitable enterprise.
He told the committee that NNPC recorded a loss of about $803bn in 2018, a year before he assumed office as Group Managing Director in 2019.
According to him, efforts to restructure the company’s operations and improve its financial performance resulted in 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 $803bn 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,” he said.
Responding to Kyari’s submissions, Chairman of the Senate Committee on Public Accounts, Senator Ibrahim Dankwambo, said the committee would examine the figures and supporting documents presented by the former NNPCL chief before deciding whether another invitation would be necessary.
Dankwambo, who represents Gombe North, said the lawmakers would scrutinise the explanations to determine whether they sufficiently addressed the issues raised in the audit reports.
“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 his alleged failure to honour several invitations extended to him by the committee in connection with the investigation.
The Senate had earlier threatened to invoke its constitutional powers to compel his attendance after he reportedly failed to appear before the lawmakers on previous occasions.
The demand for his appearance followed a motion by Senator Victor Umeh, representing Anambra Central, amid growing frustration among committee members over the former NNPCL chief’s absence.
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