Former NNPCL boss explains disputed financial entries before Senate panel, discharged pending conclusion of investigation
Former Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied allegations that ₦210 trillion in company funds was unaccounted for during his tenure, insisting that no money was lost under his watch.
Kyari described the allegations relating to the company’s financial records between 2017 and 2023 as a misinterpretation of accounting entries and discrepancies.
He spoke on Tuesday when he appeared before the Senate Committee on Public Accounts, which is investigating queries raised by the Office of the Auditor-General of the Federation over NNPCL’s financial statements for the period.
Explaining the issues, the former NNPCL chief said the company had made efforts to implement decisions of the National Assembly, resulting in sustained investments and the development of the downstream sector for the benefit of the country.
“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.
On payments made to the Federal Inland Revenue Service (FIRS), Kyari explained that the transactions were for registration purposes, describing the discrepancies as accounting entry issues. He also said the ₦2.9bn in question represented statutory payments.
Addressing the allegation that ₦5bn was spent on changing the name of the NNPCL, Kyari said the exercise was effected by the National Assembly, insisting that no money was paid for the name change.
He subsequently presented his report to the committee.
Responding, the committee chairman said 23 issues had been raised before the panel, but only one or two directly concerned the former NNPCL chief.
He explained that the report would be circulated among committee members for examination and that the panel could invite the officials concerned, as well as the Auditor-General of the Federation, for further clarification if necessary.
“We accept your apologies for not appearing at the previous sittings and we will look at the figures,” the chairman said.
Kyari was subsequently discharged by the committee pending the conclusion of its investigation.
The Senate Committee on Public Accounts began investigating the disputed figures in June 2025 following discrepancies identified in NNPCL’s audited financial statements covering 2017 to 2023.
The figures comprise ₦103tn recorded as accrued expenses and ₦107tn listed as sundry receivables, bringing the disputed total to ₦210tn.
The committee has repeatedly rejected 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 Kyari’s arrest in June after he failed to appear before it.
However, former NNPCL officials have maintained that the money did not go missing, arguing that the ₦210tn figure resulted from a misinterpretation of the company’s financial records.