Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied allegations of financial irregularities involving N210 trillion, insisting that no funds went missing during his tenure at the state-owned oil company.
Kyari made the declaration on Tuesday while appearing before the Senate Committee on Public Accounts, where he challenged audit findings that raised questions about the company’s financial transactions.
He attributed the controversy to accounting discrepancies and wrongly interpreted bookkeeping entries, arguing that the figures did not represent actual financial losses or missing funds.
The former NNPCL chief also defended the N2.99 billion expenditure on the company’s incorporation following the enactment of the Petroleum Industry Act (PIA).
He explained that the amount covered statutory services provided by government institutions during the transition of the former Nigerian National Petroleum Corporation into a limited liability company.
According to him, NNPCL made the payment on behalf of the Federation and subsequently charged the expenditure to Federation revenue. He also dismissed claims that payments were made to the National Assembly to secure the company’s name, noting that NNPCL was already designated under the PIA.
Defending his record in office, Kyari said his administration introduced financial reforms that strengthened accountability, improved transparency and made the company’s financial records more accessible to public scrutiny.
He further claimed that NNPCL recorded losses of $803 billion in 2018, before he assumed office in 2019, but returned to profitability following operational reforms and cost-cutting measures implemented during his tenure.
Meanwhile, the Senate has maintained that Kyari’s explanations will not bring an end to the investigation into the disputed N210 trillion.
Chairman of the committee, Senator Ibrahim Dankwambo, said lawmakers would examine the submissions made by Kyari and other former NNPCL executives alongside the audit reports.
He explained that the figure under investigation emerged from two items on the company’s balance sheet, which produced different interpretations when assessed from separate accounting perspectives.
Although the committee allowed Kyari to leave after his presentation, Dankwambo stressed that the decision did not amount to clearing him of the allegations or terminating the investigation.
