Former NNPC boss tells Senate panel no public funds were lost under his leadership, insisting the disputed N103 trillion in accrued expenses and N107 trillion in receivables are bookkeeping entries….
Former Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has rejected allegations that N210 trillion was unaccounted for in the company’s financial records between 2017 and 2023, insisting that no public funds were lost during his tenure.
Kyari maintained that the disputed figures were products of accounting classifications and bookkeeping entries rather than evidence of missing money or financial misconduct.
He made the clarification on Tuesday while appearing before the Senate Committee on Public Accounts, chaired by Ibrahim Dankwambo, to respond to queries raised by the Office of the Auditor-General of the Federation over the national oil company’s audited financial statements.
The former NNPC chief, who headed the organisation between 2019 and 2025, told lawmakers that the scale of the alleged financial discrepancy did not translate into an actual loss of government funds.
According to him, the issues had been addressed through explanations contained in his submissions to the committee.
How N210 trillion discrepancy emerged
The N210 trillion figure under investigation comprises two major entries in NNPC’s financial statements covering the 2017 to 2023 period.
These include N103 trillion recorded as accrued expenses and another N107 trillion listed as sundry receivables.
However, Kyari argued that the amounts represented accounting entries that required proper interpretation and reconciliation, rather than money that had disappeared from the company’s accounts.
He insisted that such a substantial loss could not have occurred under his leadership without being reflected in the company’s financial operations.
The former managing director also dismissed claims that N5 billion was spent to change the company’s name from the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.
He explained that the approximately N2.99 billion associated with the incorporation of NNPC Limited represented payments made to government institutions for services connected with the company’s registration.
Kyari said NNPC initially settled the expenses on behalf of the Federal Government before charging the amounts against federation revenue through what was formerly known as the NAPIMS account.
He maintained that the transaction was an accounting entry and had nothing to do with the alleged N5 billion expenditure for changing the company’s name.
Kyari defends NNPC’s financial performance under his watch
Beyond addressing the audit queries, Kyari used his appearance to defend the financial performance of NNPC during his time as its chief executive.
He told the lawmakers that the national oil company had moved from years of losses to sustained profitability under his leadership.
Citing the company’s financial records, he said NNPC recorded a loss of about $803 billion in 2018, before he assumed office in 2019.
He added that his administration introduced measures that transformed the company into a profitable organisation, describing the achievement as the first sustained period of profitability in its 44-year history at the time.
Kyari maintained that the company’s financial records supported his position that the organisation had undergone significant improvements during his tenure.
Senate committee considers Kyari’s explanations
Responding to the former NNPC chief, Dankwambo said the committee would examine his submissions alongside the relevant financial records before determining whether further explanations would be necessary.
The chairman disclosed that the audit investigation covered 23 issues, although only one or two were directly connected to Kyari’s period in office.
He added that the committee had accepted Kyari’s apology for failing to attend some previous sittings, while his latest submissions would be circulated among members for further scrutiny.
Kyari was subsequently discharged by the committee pending the conclusion of its investigation.
The appearance followed an earlier decision by the Senate panel in June to order his arrest after he repeatedly failed to honour invitations relating to the investigation.
The committee is examining discrepancies in NNPC’s audited accounts, particularly the N103 trillion recorded as accrued expenses and the N107 trillion classified as sundry receivables.
While Kyari and other former NNPC officials maintain that the figures do not represent missing funds, the Senate committee is expected to determine whether the explanations provided adequately address the audit concerns.
