By Clement Nwabuko
ABUJA (PRECISE POST) – The immediate past Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has dismissed allegations of an unaccounted N210 trillion in the national oil company’s financial records, insisting that no money was lost under his leadership.
Kyari, who appeared before the Senate Committee on Public Accounts on Tuesday, said the alleged financial discrepancies contained in the 2017–2023 audit report were largely accounting entries and bookkeeping issues, rather than evidence of financial misappropriation or actual loss.
He maintained that no such financial infraction occurred during his tenure as head of the national oil company between 2019 and 2025.
“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 N5 billion was spent on changing the company’s name from the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL), describing the claim as incorrect.
He equally offered explanations on queries raised in the audit report concerning the registration and incorporation of NNPC Limited.
According to him, the Federation was responsible for the incorporation expenses because the company was not owned by the Federation in the same manner at the time of its incorporation.
Kyari explained that although NNPC initially made the payment on behalf of the Federation, the amount was subsequently charged against the Federation’s revenue and reflected in the former National Petroleum Investment Management Services (NAPIMS) account.
He said the transaction involved approximately N2.99 billion paid to government institutions responsible for providing the relevant incorporation services.
“This was simply an accounting entry, involving approximately N2.99 billion. 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 not correct,” he stated.
Defending his record in office, Kyari told the committee, chaired by Senator Ibrahim Dankwambo, that his administration transformed the national oil company from a loss-making organisation into a profitable entity.
He recalled that NNPC recorded a loss of about $803 million in 2018, before he assumed office as Group Managing Director in 2019, adding that concerted efforts were made to reverse the trend and sustain profitability.
“Mr Chairman, you may be aware from the financial records that the company recorded a loss of about $803 million 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,” he said.
After listening to Kyari’s explanations, the committee chairman said the submissions and documents provided in response to the audit queries would be subjected to further scrutiny before the committee reaches a final decision.
He explained that the committee would interrogate the figures presented by the former NNPCL chief executive to determine whether further clarification would be required or whether he would be invited again.
“We shall interrogate the figures submitted by the former GMD to know whether to invite him again or not.
“For now, he has responded to the two issues relating to his leadership of NNPC during the period under review,” the chairman said.
