Daud Olatunji
Former Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, has denied allegations that ₦210tn was unaccounted for in the company’s financial records, insisting that no funds were missing during his tenure.
Kyari, who appeared before the Senate Committee on Public Accounts on Tuesday, attributed the controversial figures to alleged misinterpretation of accounting entries and discrepancies in the company’s audited financial statements covering 2017 to 2023.
The former NNPCL boss was summoned to explain the financial irregularities flagged by the Office of the Auditor-General of the Federation, which have triggered a prolonged investigation by the National Assembly.
Defending the company’s financial records, Kyari maintained that the disputed entries did not represent missing funds, arguing that the issues raised were largely accounting-related.
He expressed confidence in his stewardship of the national oil company, insisting that he had acted in the country’s interest throughout his tenure.
“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 wrong,” he said.
Addressing questions surrounding payments made to the Federal Inland Revenue Service, Kyari explained that the transactions were connected to registration requirements, describing the discrepancies as issues arising from accounting entries.
He further clarified that the ₦2.9bn under scrutiny represented statutory payments.
On the allegation that ₦5bn was expended on changing the company’s name from the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited, the former GMD dismissed the claim.
According to him, the name change was effected through an enactment of the National Assembly, stressing that the company did not spend money to carry out the exercise.
Kyari subsequently submitted his report and explanations to the committee for consideration.
Responding, the committee chairman disclosed that the panel had identified 23 issues requiring clarification, although only one or two were directly connected to the former NNPCL chief.
He explained that Kyari’s submissions would be circulated among committee members for scrutiny, adding that the panel might invite relevant officials and the Auditor-General of the Federation if further explanations became necessary.
“We accept your apologies for not appearing at the previous sittings, and we will look at the figures,” the chairman said.
The committee subsequently discharged Kyari pending the conclusion of its investigation.
The ₦210tn controversy stems from discrepancies identified in NNPCL’s audited financial statements covering the 2017–2023 financial years.
The disputed amount comprises ₦103tn recorded as accrued expenses and another ₦107tn classified as sundry receivables.
The Senate Committee on Public Accounts commenced its investigation in June 2025, questioning the explanations provided by the national oil company and demanding a comprehensive breakdown of the transactions.
In March 2026, the committee summoned Kyari and other former management officials to account for the figures.
However, the former NNPCL chief failed to honour some of the invitations, prompting the panel to order his arrest in June 2026.
The latest appearance marks another development in the Senate’s efforts to establish the nature of the disputed transactions and determine whether the huge sums reflected legitimate financial obligations, recoverable receivables or unexplained movements of public funds.
Although Kyari has maintained that no money was missing, the Senate investigation remains ongoing, with the committee expected to examine his submissions alongside the relevant financial records and explanations from other officials.
The outcome of the probe is expected to provide further clarity on the controversial ₦210tn entries in the accounts of the country’s national oil company.
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