*Denies ₦210tn loss and ₦5bn name change allegations
A former Group Managing-Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied allegations that ₦210 trillion was missing under his watch, insisting that no public funds were lost during his tenure.
Kyari also rejected claims that the company spent ₦5 billion to change its name from the Nigerian National Petroleum Corporation (NNPC) to NNPCL, describing the allegation as false and without any foundation
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The former NNPCL boss made the clarification 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 company’s financial statements covering the period between 2017 and 2023.
The Senate had raised concerns over financial entries amounting to ₦103 trillion recorded as accrued expenses and another ₦107 trillion listed as sundry receivables, which combined formed the controversial ₦210 trillion figure currently under review.
However, Kyari told lawmakers that the figures did not represent missing money, explaining that the controversy arose from a misunderstanding of accounting entries in the company’s financial records.
He maintained that NNPCL’s records were available for scrutiny and that his administration did not deliberately engage in any wrongdoing.
“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,” Kyari said.
Addressing questions surrounding payments made to the Federal Inland Revenue Service (FIRS), Kyari explained that the funds were statutory payments made for registration purposes, adding that the discrepancies identified were related to accounting entries.
He also clarified that the ₦2.9 billion questioned by the committee represented statutory payments and not missing funds.
On the allegation that ₦5 billion was spent on renaming NNPC as NNPCL, Kyari said the process was carried out through the implementation of the Petroleum Industry Act (PIA) and approved by the National Assembly.
He insisted that the company did not spend money for the name change, stressing that the transformation was a legal process aimed at repositioning the national oil company as a commercial entity.
Kyari further told the lawmakers that during his tenure, the company implemented decisions of the National Assembly, leading to sustained investments and developments in the downstream petroleum sector.
Reacting after Kyari’s presentation, Chairman of the Senate Committee on Public Accounts said the panel had identified 23 issues in the audit queries, but only one or two were directly linked to the former NNPCL chief.
The chairman said the committee would examine Kyari’s submission and could invite relevant officials, including representatives of the Auditor-General of the Federation, for additional clarification where necessary.
“We accept your apologies for not appearing at the previous sittings and we will look at the figures,” the chairman told Kyari.
The committee subsequently discharged the former NNPCL boss pending the conclusion of its investigation.
The Senate investigation began in June 2025 after discrepancies were identified in NNPCL’s audited financial statements covering 2017 to 2023.
While the committee has insisted that the disputed entries must be properly explained, former NNPCL officials have maintained that the ₦210 trillion figure resulted from a misinterpretation of accounting records and does not represent missing funds.
The outcome of the Senate probe is expected to determine whether the disputed financial entries were properly recorded or require further investigation.
