The immediate past Group Chief Executive Officer 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 the discrepancies identified in its 2017–2023 audit reports were accounting entries rather than evidence of missing funds.

Mr Kyari made the clarification on Tuesday while appearing before the Senate Committee on Public Accounts, where he defended his management of the national oil company between 2019 and 2025.

He maintained that no money was lost under his leadership, describing the controversy as a misunderstanding of bookkeeping and accounting procedures.

“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 told the lawmakers.

The disputed ₦210tn relates to financial queries raised by the Office of the Auditor-General for the Federation over NNPC’s accounts between 2017 and 2023.

Kyari explains ₦2.99bn incorporation payment

The former NNPC boss also dismissed allegations that ₦5bn was spent on changing the name of the former Nigerian National Petroleum Corporation to NNPC Limited following the enactment of the Petroleum Industry Act in 2021.

He explained that approximately ₦2.99bn was spent on the statutory incorporation and registration of the company, including payments to government institutions responsible for the process.

According to him, NNPC made the payment on behalf of the Federation and subsequently charged the amount to the government’s revenue account.

“At the time of incorporation, the company was not owned by the federation in the same manner. The federation was therefore responsible for the payment relating to the incorporation of NNPC.

“However, NNPC made the payment on behalf of the federation and subsequently charged it to the federation’s revenue,” he explained.

He insisted that the expenditure was not for naming the company, adding that the name NNPC Limited had already been provided for in the Petroleum Industry Act.

Defends financial record under his leadership

Defending his tenure, Mr Kyari claimed that he transformed the national oil company from a loss-making organisation into a profitable enterprise.

He told the committee that NNPC recorded a loss of about $803bn in 2018, before he assumed office as Group Managing Director in 2019.

According to him, restructuring efforts introduced during his administration helped the company achieve sustained profits for the first time in its 44-year history.

He also said his administration introduced transparency and accountability measures that made the company’s financial records more accessible to public scrutiny.

Senate to examine Kyari’s explanations

Responding to the presentation, the committee chairman, Senator Ibrahim Dankwambo, said lawmakers would examine the explanations and supporting documents submitted by the former NNPC chief before deciding whether to invite him again.

He said the committee would interrogate the figures to determine whether the responses adequately addressed the outstanding audit queries.

The investigation followed concerns over two major financial entries in NNPC’s records: ₦103tn reportedly representing accrued expenses associated with joint venture cash calls, and ₦107tn recorded as sundry receivables.

The committee had previously rejected explanations submitted by the company and demanded further clarification from former and current executives.

In June 2026, the committee ordered Kyari’s arrest after he failed to honour several invitations to appear before it. The Senate later clarified the procedure governing the issuance and execution of arrest warrants by its committees.

The latest appearance marks another stage in the Senate’s investigation, which is expected to establish whether the disputed financial entries have been adequately explained and accounted for.