N210trn Audit Queries: Kyari Insists No Funds Were Missing Under His Watch

Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has challenged allegations of N210 trillion in unaccounted funds contained in the company’s 2017–2023 audit report, insisting that no money was lost during his tenure.

Kyari made the clarification on Tuesday while appearing before the Senate Committee on Public Accounts, where he addressed financial discrepancies raised in the audit report covering the operations of the national oil company.

The former NNPCL boss, who led the organisation from 2019 to 2025, maintained that the figures in question resulted from accounting adjustments and bookkeeping entries rather than missing funds or financial misconduct.

He told the committee that it was impossible for such an amount to have disappeared under his leadership, adding that explanations for the disputed transactions had been provided in his written submissions.

“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.

Kyari also dismissed claims that N5 billion was expended on changing the name of the former Nigerian National Petroleum Corporation to Nigerian National Petroleum Company Limited.

Addressing questions about the company’s incorporation, he explained that the Federation was responsible for the associated payments because of the ownership arrangement at the time.

He said NNPC initially made the payment on behalf of the Federation, after which the expenditure was charged against the Federation’s revenue and reflected in the company’s former NAPIMS account.

According to him, the transaction amounted to approximately N2.99 billion and covered payments to government institutions responsible for providing incorporation-related services.

He, however, rejected suggestions that N5 billion was spent on naming the company, describing the allegation as inaccurate.

Beyond the audit queries, Kyari defended his record in office, claiming that his administration repositioned the national oil company from a loss-making organisation into a profitable business.

He recalled that NNPC recorded a loss of about $803 billion in 2018, a year before he assumed office as Group Managing Director in 2019.

Kyari said his management introduced measures that enabled the company to achieve sustained profitability for the first time in its 44-year history.

He told the lawmakers that the transformation was reflected in the company’s financial records and performance during his tenure.

After listening to his explanations, the Senate Committee on Public Accounts said it would examine the documents and figures submitted by the former NNPCL chief before determining its next line of action.

The committee chairman, Senator Ibrahim Dankwambo, said the panel would scrutinise Kyari’s responses to establish whether further clarification or another appearance would be necessary.

“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,” Dankwambo said.

The committee’s review of the submissions will determine whether the explanations adequately address the audit queries or require further investigation.