Kyari denies N210tr loss under his watch, explains NNPC accounts to Senate

Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied allegations that N210 trillion was lost during his tenure, insisting that the figure reflects accounting entries and bookkeeping descriptions rather than missing funds.

Kyari spoke on Tuesday after appearing before the Senate Committee on Public Accounts to respond to questions arising from the audit of NNPC’s financial records during his time as Group Managing Director and later Group Chief Executive Officer.

In a statement after the appearance, he said he welcomed the opportunity to explain the disputed figures and address concerns raised in the audit report.

“I stated unequivocally before the committee that no such funds were lost. The figure arose from accounting entries and bookkeeping descriptions, not the disappearance or loss of money,” he said.

Kyari also explained the N2.99 billion spent on the incorporation of NNPC Limited, saying the amount covered statutory payments to the Federal Inland Revenue Service (FIRS) and the Corporate Affairs Commission (CAC). He said the issue concerned how the payments were treated in the company’s accounts and who was responsible for them under the Petroleum Industry Act (PIA), not improper spending.

Reflecting on his tenure, the former NNPC boss said he prioritised transparency and accountability after assuming leadership of the company in 2019. He noted that his administration began publishing NNPC’s financial statements for the first time in its 43-year history.

According to him, making the company’s financial records public exposed it to greater scrutiny but also encouraged reforms that improved efficiency, strengthened accountability and reduced costs. He added that the reforms helped move the company from losses to sustained profitability, while the current management had maintained the accountability structures introduced during his tenure.

Kyari also pointed to developments in the oil and gas industry following the passage of the Petroleum Industry Act and policy interventions by President Bola Tinubu, including the shift towards a market-based petroleum products regime, increased investments, strategic gas infrastructure projects and growth in the downstream sector.