NIGERIA: Kyari Denies N210tn NNPCL Financial Irregularities, Says No Money Was Lost

Former Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, has denied allegations that N210 trillion was unaccounted for under his leadership, insisting that no funds were lost during his tenure.

Kyari said the allegations concerning the company’s financial records between 2017 and 2023 resulted from misinterpretation of accounting entries and financial discrepancies.

He spoke on Tuesday when he appeared before the Senate Committee on Public Accounts, which is investigating audit queries raised by the Office of the Auditor-General of the Federation over the NNPCL’s accounts.

The former NNPCL boss said the company had made efforts to implement decisions of the National Assembly, leading to sustained investments and developments in the downstream sector.

“I am very proud that we have served this company in the best way possible. I remain loyal to this country and have done nothing deliberately for wrongdoing,” he said.

Addressing payments made to the Federal Inland Revenue Service, Kyari explained that the transactions were for registration purposes, describing the discrepancies as issues relating to accounting entries.

He also said the N2.9 billion in question represented statutory payments.

On the allegation that N5 billion was spent on changing the company's name, Kyari maintained that the renaming of the NNPCL was carried out by the National Assembly and that no money was spent on the exercise.

He subsequently presented his report to the committee.

In his response, the committee chairman disclosed that 23 issues had been raised before the panel, with only one or two directly concerning the former NNPCL chief.

The chairman said the report would be circulated among committee members for examination, adding that the panel could invite relevant officials and the Auditor-General of the Federation for further clarification if necessary.

He also accepted Kyari’s apology for failing to attend previous sittings, assuring him that the committee would review the figures presented.

Kyari was subsequently discharged by the committee, pending the conclusion of the investigation.

The Senate Committee on Public Accounts began investigating the disputed figures in June 2025 following discrepancies identified in the NNPCL’s audited financial statements covering 2017 to 2023.

The figures comprise N103 trillion recorded as accrued expenses and N107 trillion listed as sundry receivables.

The committee has repeatedly questioned the explanations provided by the company, insisting that the entries must be properly accounted for.

In March 2026, the panel summoned Kyari and other former officials to explain the figures. It later ordered his arrest in June after he failed to appear before it.

However, former NNPCL officials have consistently denied that the money went missing, arguing that the N210 trillion figure arose from a misinterpretation of the company's financial records