No N210tn missing from NNPC — Kyari

Politics Spice Special Features Education Sex & Relationship Interview Columns Opinion Advertise with us No N210tn missing from NNPC — Kyari Uncategorized November 10, 2026 6:21 pm Mele Kyari, (m) dressed in white, appears before the Senate Committee on Public Accounts on Tuesday. Credit: Adebayo Folorunsho-Francis.

The immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, 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, said no money was lost under his leadership of the national oil company between 2019 and 2025.

He explained that the figures flagged by auditors resulted from bookkeeping issues that had been misunderstood as financial infractions, adding that the relevant explanations had been provided 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 NNPCL boss also dismissed allegations that N5bn was spent on changing the name of the Nigerian National Petroleum Corporation to NNPC Limited following the enactment of the Petroleum Industry Act, 2021.

He equally addressed audit queries concerning the registration and incorporation of NNPC Limited, explaining that the payment for the process was initially made by the company on behalf of the Federation and subsequently 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 N5 billion was paid for the naming of the company. That is incorrect.”

Kyari also defended his management of the national oil company, claiming that his administration transformed it from a loss-making organisation into a profitable enterprise.

He told the committee, chaired by Senator Ibrahim Dankwambo, representing Gombe North, that the company recorded a loss of about $803bn in 2018, before he assumed office as Group Managing Director in 2019.

According to him, efforts to restructure its operations subsequently resulted in 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 $803billion in 2018.

“I took over in 2019, and we did everything possible to transform the company into a profitable organisation, which made it, for the first time in its 44 years of existence, record sustained profits”

Responding to Kyari’s submissions, 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.”

Kyari’s appearance followed months of controversy over the Senate’s investigation into audit queries involving the NNPC’s financial records between 2017 and 2023, reportedly involving more than N210tn.

The queries were forwarded to the committee by the Office of the Auditor-General for the Federation and covered unresolved financial entries and discrepancies in the national oil company’s accounts.

The committee had earlier threatened to invoke its constitutional powers to compel Kyari’s appearance after he allegedly failed to honour several invitations.

The demand followed a motion by Senator Victor Umeh, representing Anambra Central, amid growing frustration among lawmakers over the former NNPCL chief’s absence.

Senator Adams Oshiomhole had particularly insisted that Kyari must personally account for his stewardship, urging the committee to issue an arrest warrant to compel his appearance.

However, the Senate subsequently clarified that no committee had the authority to issue, authorise or execute an arrest warrant except in accordance with the Legislative Houses (Powers and Privileges) Act and with the express approval of the Senate President.

The Senate also distanced itself from Oshiomhole’s description of the NNPCL as “a bunch of criminals and thieves,” saying the remarks did not represent the position of the Red Chamber.

The committee’s investigation is expected to establish whether the explanations provided by Kyari adequately address the outstanding audit queries and discrepancies in the company’s financial records.

The PUNCH journalist, Adebayo, has over 20 years of experience covering politics, health, metro, entertainment and properties

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