Former Nigerian National Petroleum Company Limited boss Mele Kyari has pushed back against allegations that ₦210 trillion is missing from the company’s books, telling lawmakers that the disputed figure reflects accounting entries rather than lost public funds.
Appearing before the Senate Committee on Public Accounts, Kyari said the concerns raised from NNPC’s audit reports covering 2017 to 2023 had been misinterpreted as evidence of financial losses. According to him, the figures in question relate to bookkeeping records and accounting treatments, not disappeared money.
The former Group Chief Executive Officer maintained that no financial infraction occurred during his tenure at the national oil company between 2019 and 2025. He told senators it would have been impossible for such a large sum to vanish under his leadership and insisted that detailed explanations had already been submitted to the committee in a written report.
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The Senate panel is investigating discrepancies identified in NNPC’s audited financial statements. Among the issues under review are figures linked to accrued expenses and sundry receivables that together amount to about ₦210 trillion. Lawmakers began examining the entries after concerns were raised by auditors over the company’s financial records.
Beyond the disputed ₦210 trillion, Kyari also rejected claims that ₦5 billion was spent to change the company’s name from the Nigerian National Petroleum Corporation to NNPC Limited following the implementation of the Petroleum Industry Act.
He explained that a payment of about ₦2.99 billion, which has also attracted scrutiny, was connected to the incorporation of NNPC Limited and covered statutory obligations to government agencies. According to him, the transaction was recorded as an accounting entry after the company made the payment on behalf of the federation and later charged it appropriately in its records.
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In his defence, Kyari argued that his administration prioritised transparency and corporate reforms, including the publication of the company’s financial statements. He also told lawmakers that NNPC moved from a loss-making organisation to a profitable entity during his years in charge.
The Senate committee has not reached a final conclusion on the disputed figures. Its chairman said members would study the submissions presented and may seek further clarifications from relevant officials and the Auditor-General if necessary.
For now, the hearing has shifted attention from claims of missing funds to a broader debate about how large financial transactions are recorded and explained in public institutions. As the probe continues, lawmakers are expected to determine whether the disputed entries are adequately accounted for or require further investigation.
