Former NNPC GCEO Kyari Denies N210tn Missing Funds Allegation

Former Nigerian National Petroleum Company Limited Group Chief Executive Officer, Mele Kyari, has denied allegations that N210tn was unaccounted for in the company's financial records. Kyari appeared before the Senate Committee on Public Accounts, where he insisted that the discrepancies identified in NNPC's 2017-2023 audit reports were accounting entries, not evidence of missing funds. He clarified that no money was lost under his leadership between 2019 and 2025.

Kyari explained that the figures flagged by auditors resulted from bookkeeping issues that had been misunderstood as financial infractions. He stated that the relevant explanations had been provided in his written response to the committee. According to Kyari, it is not possible for such an amount to have been lost under his care and leadership. The matter, he emphasized, relates to accounting entries, which have nothing to do with financial loss.

The former NNPC Ltd boss also dismissed allegations that N5bn was spent on changing the name of the Nigerian National Petroleum Corporation to NNPC Limited. He 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.

Kyari 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 Senate committee that the company recorded a loss of about $803bn in 2018, before he assumed office as Group Managing Director in 2019. Efforts to restructure its operations resulted in sustained profits for the first time in the company's 44-year history.

The Senate Committee on Public Accounts, chaired by Ibrahim Dankwambo, will examine Kyari's explanations and supporting documents before deciding whether to invite him again. The committee had earlier threatened to invoke its constitutional powers to compel Kyari's appearance after he allegedly failed to honour several invitations. The investigation aims to establish whether Kyari's explanations adequately address outstanding audit queries and discrepancies in NNPC's financial records.

The controversy surrounding NNPC's financial records began with a motion by Victor Umeh, representing Anambra Central, amid growing frustration among lawmakers over Kyari's absence. Adams Oshiomhole had insisted that Kyari must personally account for his stewardship, urging the committee to issue an arrest warrant to compel his appearance. However, the Senate clarified that no committee had the authority to issue an arrest warrant except in accordance with the Legislative Houses (Powers and Privileges) Act.

The Senate's investigation into NNPC's financial records between 2017 and 2023 had uncovered unresolved financial entries and discrepancies reportedly involving more than N210tn. The queries were forwarded to the committee by the Office of the Auditor-General for the Federation. The committee's findings will determine whether Kyari's explanations resolve the outstanding issues and provide clarity on NNPC's financial management during his tenure.

Key points

• Mele Kyari denies allegations of N210tn missing funds in NNPC's financial records.
• Kyari explains discrepancies as accounting entries, not evidence of missing funds.
• The Senate Committee on Public Accounts will examine Kyari's explanations before deciding on further action.