Kyari Denies N210tn Missing From NNPC Accounts, Blames Accounting Errors

By Sabiu Abdullahi

Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mele Kyari, has denied allegations that N210tn was unaccounted for in the company’s financial records, insisting that the discrepancies arose from accounting entries rather than missing funds.

Kyari made the clarification on Tuesday when he appeared before the Senate Committee on Public Accounts to respond to audit queries covering the company’s financial records between 2017 and 2023.

He maintained that no funds were lost during his tenure as head of the national oil company between 2019 and 2025, describing the flagged figures as bookkeeping issues that had been misinterpreted as financial misconduct.

“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 said.

The former NNPC boss also dismissed claims that the company spent N5bn to change its name from the Nigerian National Petroleum Corporation to NNPC Limited after the enactment of the Petroleum Industry Act in 2021.

Addressing questions about the company’s incorporation, Kyari explained that NNPC initially paid the expenses on behalf of the Federation before recovering the amount through deductions from government revenue.

He said, “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.”

Kyari further defended his leadership record, claiming that his administration turned the national oil company around from a loss-making entity into a profitable organisation.

Appearing before the committee, chaired by Senator Ibrahim Dankwambo, who represents Gombe North, he disclosed that the company recorded a loss of about $803bn in 2018, a year before he assumed office as Group Managing Director.

He said his administration introduced changes that eventually enabled the company to achieve sustained profitability 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.”

In his response, Dankwambo said the committee would scrutinise the figures and documents submitted by the former NNPC chief before determining whether another invitation 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,” he said.

Kyari’s appearance followed months of controversy surrounding the Senate’s investigation into unresolved audit queries and financial discrepancies in NNPC’s accounts for the 2017–2023 period. The issues reportedly involve more than N210tn.

The Office of the Auditor-General for the Federation had forwarded the queries to the Senate committee for examination.

Before his appearance, the committee had threatened to use its constitutional powers to compel Kyari to honour its invitations after he allegedly failed to attend several previous sessions.

The pressure intensified after Senator Victor Umeh, representing Anambra Central, moved a motion over the former NNPC chief’s continued absence.

Senator Adams Oshiomhole had also called for Kyari to appear personally before the lawmakers to account for his stewardship, while urging the committee to issue an arrest warrant against him.

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

The upper chamber also distanced itself from Oshiomhole’s description of the NNPC as “a bunch of criminals and thieves”, stressing that the statement did not represent the official position of the Senate.

The committee is expected to review Kyari’s explanations and supporting documents to determine whether they sufficiently resolve the outstanding audit queries.