Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied allegations that N210 trillion is missing from the company’s accounts, insisting that the disputed figures are accounting entries wrongly interpreted as financial losses.
Kyari made the clarification on Tuesday while appearing before the Senate Committee on Public Accounts, declaring that no money was lost under his leadership.
“I confirm this moment that nothing is lost,” he told the lawmakers, describing the controversy as a bookkeeping issue rather than evidence of missing funds.
He also questioned submissions by some former NNPCL financial officers, insisting that the disputed figures required proper interpretation of the company’s accounts.
Kyari further defended the N2.99 billion spent on NNPCL’s incorporation, saying the money covered statutory services provided by government agencies during the transition from the former Nigerian National Petroleum Corporation to a limited liability company.
He explained that the expenditure was incurred on behalf of the Federation and subsequently charged to Federation revenue.
The former GCEO also dismissed suggestions that money was paid to the National Assembly to secure the company’s name, arguing that the name was already provided for in the Petroleum Industry Act.
Defending his tenure, Kyari said his administration introduced transparency measures that opened NNPCL’s books to public scrutiny and improved its financial performance.
He also claimed that the company had recorded a loss of $803 billion in 2018, before he assumed office in 2019, but returned to profitability following reforms and cost-cutting measures.
Kyari apologised for missing previous invitations from the committee, attributing his absence to medical and family-related circumstances.
However, the Senate made clear that his explanations would not end the investigation.
Committee Chairman, Senator Ibrahim Dankwambo, said lawmakers would examine Kyari’s submissions alongside the audit reports and invite the Office of the Auditor-General of the Federation to clarify the disputed figures.
He said the committee would scrutinise the accounting entries behind the N210 trillion controversy before reaching any conclusion.
“We will look at the figures. We will interrogate the figures. It is not over,” Dankwambo declared.
The chairman explained that two items on NNPCL’s balance sheet, viewed from different accounting perspectives, produced the disputed figure.
Although the committee allowed Kyari to leave after his appearance, Dankwambo stressed that the decision did not amount to exoneration or closure of the probe.
The committee may recall Kyari or other former NNPCL officials if further explanations become necessary.
The Senate probe therefore remains open, with lawmakers still seeking to establish how the disputed N210 trillion was recorded and whether the explanations from the former management can be substantiated.
