The immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company, NNPC, Limited, Mele Kyari, appeared before the Senate Public Accounts Committee led by Senator Ibrahim Dankwabo (PDP, Gombe North) on Thursday to address allegations that N210 trillion was unaccounted for in the company's balance sheet as contained in the 2017 to 2023 Audit report.
Kyari, who served as Group Managing Director of NNPCL from 2019 to 2025, said the alleged unaccounted figures were the result of accounting entries that had nothing to do with any financial loss. He declared that no such financial infraction occurred under his leadership.
"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," Kyari told the committee.
He further stated that the matter relates to bookkeeping issues rather than any genuine financial shortfall, and that the appropriate explanations had already been provided in his report.
Kyari also refuted claims that N5 billion was spent on changing the name of the company from NNPC to NNPCL, saying there was no such expenditure under his watch. However, he did address queries raised in the audit report concerning the registration and incorporation of NNPC Ltd.
"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. NNPC made the payment on behalf of the Federation and subsequently charged it to the Federation's revenue, which was reflected in what we referred to as the former NAPIMS account of NNPC. This was simply an accounting entry involving approximately N2.99 billion," Kyari explained.
He added that comments suggesting N5 billion was paid for the naming of the company were incorrect.
Kyari also highlighted the transformation of NNPC under his tenure, noting that prior to his assumption of office in 2019, the national oil company recorded a loss of about $803 billion in the 2018 operational year. Under his leadership, the company was transformed from a loss-making corporation into a profitable one, marking the first sustained profit record in its 44 years of existence.
"Mr Chairman, you may be aware from the financial records that the company recorded a loss of about $803 billion in 2018. I took over in 2019, and we did everything possible to transform the company into a profitable organisation which made it to for the first time in its 44 years of existence, recording sustained profits," Kyari said.
Satisfied with the submissions, the Senate Public Accounts Committee through its Chairman, Senator Dankwabo, said the responses submitted by the former GMD would be thoroughly studied before making a final decision on the audit report.
"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," Dankwabo said.