BUSINESS
N210tn NNPC Funds Not Missing, Kyari Insists Before Senate
Former Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Mele Kyari, has dismissed allegations that N210tn was unaccounted for in the company’s financial records between 2017 and 2023, insisting that the figures were accounting entries rather than evidence of missing funds.
Kyari made the clarification on Tuesday when he appeared before the Senate Committee on Public Accounts, chaired by Senator Ibrahim Dankwambo, representing Gombe North.
The former NNPCL boss explained that the disputed figures contained in the audit report did not represent financial losses, but were bookkeeping entries that required proper clarification.
He maintained that no financial misconduct involving the alleged amount occurred during his tenure as head of the national oil company from 2019 to 2025.
“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.
Kyari also dismissed allegations that N5bn was spent on changing the company’s name from the Nigerian National Petroleum Corporation (NNPC) to NNPC Limited, describing the claim as incorrect.
However, he addressed questions surrounding the registration and incorporation of NNPC Limited, explaining that the Federal Government was responsible for the associated expenses at the time of incorporation.
According to him, NNPC initially made the payments on behalf of the Federation before charging the expenses to the Federation’s revenue through the former National Petroleum Investment Management Services (NAPIMS) account.
He disclosed that approximately N2.99bn was involved in the transaction, stressing that the money was paid to government institutions responsible for providing the relevant incorporation services.
“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.
“This was simply an accounting entry, involving approximately N2.99bn. I have also seen comments suggesting that N5bn was paid for the naming of the company. That is not correct,” he added.
Defending his management of the national oil company, Kyari said his administration transformed NNPC from a loss-making organisation into a profitable entity.
He claimed that the company recorded a loss of about $803bn in the 2018 financial year before he assumed office in 2019.
According to him, efforts made under his leadership resulted in sustained profitability for the company for the first time in its 44-year history.
“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,” Kyari said.
Responding, Dankwambo said the committee would carefully examine the explanations and documents submitted by the former NNPCL chief before reaching a decision on the audit queries.
He explained that the committee would determine whether Kyari would be invited for another appearance after reviewing his responses.
“We shall interrogate the figures submitted by the former GMD to know whether to invite him again or not.
“For now, he has responded to the two issues relating to his leadership of NNPC during the period under review,” Dankwambo said.
