Jane Salihu
Immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has defended the company’s financial records under his leadership, insisting that the alleged unaccounted N210 trillion raised in the 2017–2023 audit report does not represent missing funds or financial loss.
Kyari made the clarification on Tuesday while appearing before the Senate Committee on Public Accounts, chaired by Senator Ahmed Wadada, to respond to queries relating to the financial activities of the national oil company during the period under review.
He maintained that no money was lost under his leadership between 2019 and 2025, explaining that the disputed figures arose from accounting entries and bookkeeping issues rather than any financial misconduct.
“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 NNPCL, describing the claim as inaccurate.
Addressing questions surrounding the company’s incorporation, Kyari explained that the Federal Government was responsible for the payment, although NNPC initially made the payment on behalf of the Federation before recovering the amount through an accounting entry.
He disclosed that the transaction involved approximately N2.99 billion paid to government institutions responsible for providing the relevant incorporation services.
According to him, the payment was subsequently charged to the Federation’s revenue through what was formerly known as the NAPIMS account.
Kyari further rejected suggestions that N5 billion was spent specifically on the company’s name change, insisting that no such expenditure occurred under his watch.
Defending his overall stewardship, the former GCEO said his administration transformed NNPC from a loss-making organisation into a profitable entity.
He told the committee that the corporation recorded a loss of about $803 billion in 2018, before his assumption of office in 2019, but subsequently began recording profits under his leadership.
Kyari said the transformation marked a significant departure from the company’s financial performance in its 44-year history, adding that sustained profitability was achieved through reforms introduced during his tenure.
Following his presentation, the Senate Committee said it would carefully examine the documents and explanations submitted by the former NNPCL chief before deciding whether further clarification would be required.
The committee chairman said the responses provided by Kyari addressed two major issues relating to his leadership of the corporation during the period under investigation.
He, however, noted that the committee would interrogate the figures and supporting documents before reaching a final position on the audit queries.
“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,” he said.
The committee’s decision leaves the disputed audit figures subject to further examination, as lawmakers continue their review of the financial records of the national oil company.
GIPHY App Key not set. Please check settings