Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, NMPCL, Mele Kyari, on Tuesday denied allegations that N210tn was unaccounted for in the company’s financial records, insisting that the discrepancies identified in its 2017–2023 audit reports were accounting entries and not evidence of missing funds.
Kyari, who appeared before the Senate Committee on Public Accounts, stated that no money was lost during his tenure as head of the national oil company from 2019 to 2025.
He clarified that the figures flagged by auditors stemmed from bookkeeping issues that had been mistaken for financial infractions and added that the relevant explanations had been included in his written response to the committee.
“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. 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.
The former head of NNPC Ltd also rejected claims that N5bn was spent to change the name of the Nigerian National Petroleum Corporation to NNPC Limited after the Petroleum Industry Act, 2021, was enacted.
He also responded to audit queries about the registration and incorporation of NNPC Limited, explaining that the company initially paid for the process on behalf of the Federation and that the cost was later charged to the government’s revenue account.
He said, “At the time of incorporation, the company was not owned by the federation in the same manner. The federation was therefore responsible for the payment relating to the incorporation of NNPC.
“However, NNPC made the payment on behalf of the federation and subsequently charged it to the federation’s revenue, which was reflected in what we referred to as the former NAPIMS account of NNPC.
“This was simply an accounting entry, involving approximately N2.99bn. It was a payment made to government institutions responsible for providing the relevant services. I have also seen comments suggesting that N5bn was paid for the naming of the company. That is incorrect.”
Kyari also defended how he ran the national oil company, asserting that under his leadership it was turned from a loss-making organization into a profitable one.
He informed the Senate committee, led by Ibrahim Dankwambo, who represents Gombe North, that the company had posted a loss of roughly $803bn in 2018, before he took over as Group Managing Director in 2019.
He added that moves to restructure its operations later produced sustained profits for the first time in the company’s 44-year history.
He said, “Mr. Chairman, you may be aware from the financial records that the company recorded a loss of about $803bn in 2018.
“I took over in 2019, and we did everything possible to transform the company into a profitable organization, which made it, for the first time in its 44 years of existence, record sustained profits.”
Responding to Kyari’s claims, Dankwambo said the committee would examine the explanations and supporting documents before deciding whether to invite him again.
He said, “We shall interrogate the figures submitted by the former GMD to know whether to invite him again. For now, he has responded to the two issues relating to his leadership of NNPC during the period under review,” he said.
Kyari’s appearance came after months of controversy surrounding the Senate’s investigation into audit queries tied to the NNPC’s financial records between 2017 and 2023, said to involve more than N210tn.
The Office of the Auditor-General for the Federation referred the queries to the committee, and they covered unresolved financial entries and discrepancies in the national oil company’s accounts.
The committee had earlier warned that it would use its constitutional powers to force Kyari to appear, after he allegedly ignored several invitations.
The request came after a motion by Victor Umeh, who represents Anambra Central, as lawmakers grew increasingly frustrated over the former NNPCL chief’s absence.
Sen Adams Oshiomhole had insisted in particular that Kyari must personally give an account of his stewardship, and he urged the committee to issue an arrest warrant to compel him to appear.
The Senate later clarified, however, that no committee had the power to issue, authorize, or execute an arrest warrant except under the Legislative Houses (Powers and Privileges) Act and with the explicit approval of the Senate President.
The Senate also dissociated itself from Oshiomhole’s description of the NNPC as “a bunch of criminals and thieves,” stating that the remarks did not reflect the position of the Red Chamber.
The committee’s investigation is expected to determine whether Kyari’s explanations adequately address the outstanding audit queries and discrepancies in the company’s financial records.
