BUSINESS
N210trn NNPC Probe: Kyari Says Figures Were Accounting Entries, Not Missing Funds
Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has told the Senate that no N210 trillion was missing from NNPC accounts under his watch.
Kyari, who appeared before the Senate Committee on Public Accounts on Tuesday, said the N210trn figures in the 2017-2023 audit report were accounting entries, not financial loss.
He said the figures flagged by auditors were bookkeeping issues which had been misunderstood 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,” Kyari told the committee.”
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 led the national oil company from 2019 to 2025.
He appeared before the committee chaired by Senator Ibrahim Dankwambo (PDP, Gombe North), which is investigating unresolved audit queries in NNPC’s financial records covering 2017 to 2023.
The queries were forwarded to the committee by the Office of the Auditor-General for the Federation.
Kyari also dismissed allegations that N5 billion was spent on changing the name of the Nigerian National Petroleum Corporation (NNPC) to NNPC Limited following the enactment of the Petroleum Industry Act, 2021.
He said no such expenditure was incurred under his watch, adding that the name change was effected by the National Assembly.
He explained that about N2.99 billion in question represented statutory payments to government institutions responsible for providing relevant services for the registration and incorporation of NNPC Limited.
“I have also seen comments suggesting that N5 billion was paid for the naming of the company. That is not correct,” he said.
Kyari also told the committee that the company recorded a loss of about $803 billion in the 2018 operational year, before he assumed office as Group Managing Director in 2019.
Responding, Dankwambo said the committee would examine the documents and explanations submitted by Kyari before deciding whether to invite him again.
“We shall interrogate the figures submitted by the former GMD to know whether to invite him again or not,” Dankwambo said.
“For now, he has responded to the two issues relating to his leadership of NNPC during the period under review,” Dankwambo said.
N210trn NNPC Probe: Kyari Says Figures Were Accounting Entries, Not Missing Funds
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