“They Are Bookkeeping Issues, Not Financial Losses” — Mele Kyari Explains ₦210trn Audit Queries Before Senate Panel

Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied allegations that ₦210 trillion was missing from the company’s accounts, insisting that the disputed figures represent accounting entries rather than financial losses.

Kyari made the clarification on Tuesday, November 10, 2026, when he appeared before the Senate Committee on Public Accounts, chaired by Senator Ibrahim Dankwambo, representing Gombe North, months after lawmakers threatened to compel his attendance over unresolved audit queries.

The former NNPCL chief, who led the company from 2019 to 2025, arrived at Hearing Room 4 of the National Assembly complex in Abuja with a delegation to respond to questions concerning alleged financial discrepancies in the company’s accounts between 2017 and 2023.

The Senate investigation centres on audit queries forwarded to the committee by the Office of the Auditor-General for the Federation, particularly ₦103 trillion recorded as accrued expenses and ₦107 trillion classified as receivables.

The two figures, amounting to ₦210 trillion, had raised concerns among lawmakers, prompting demands for explanations from Kyari and other officials of the national oil company.

However, addressing the committee, Kyari maintained that the amounts under examination were not missing funds but entries contained in the company’s financial records.

“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 stated.

The former NNPCL boss insisted that the financial records and explanations submitted to the committee addressed the concerns surrounding the disputed entries.

Kyari also rejected claims that ₦5 billion was spent on changing the name of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited.

He maintained that no such expenditure was incurred under his leadership, explaining that the relevant payments concerned the registration and incorporation of NNPC Limited.

According to him, NNPC made the incorporation payments on behalf of the Federation and subsequently charged the expenditure to Federation revenue through what was then known as the former National Petroleum Investment Management Services (NAPIMS) account.

He put the actual amount at approximately ₦2.99 billion, explaining that the money was paid to government institutions responsible for providing the relevant services.

“I have also seen comments suggesting that N5 billion was paid for the naming of the company. That is not correct,” Kyari declared.

The former NNPCL chief further defended the company’s financial performance during his tenure, maintaining that his administration transformed the national oil company from a loss-making organisation into a profitable enterprise.

He told the committee that the company recorded a substantial loss in the 2018 operational year, before he assumed office as Group Managing Director in 2019.

According to him, measures introduced under his leadership subsequently improved the company’s financial performance, resulting in what he described as sustained profitability for the first time in its 44-year history.

Kyari’s appearance followed months of controversy over his alleged failure to honour invitations from the Senate Committee on Public Accounts.

In June 2026, the committee resolved to invoke its constitutional powers to compel his appearance after lawmakers expressed frustration over his repeated absence from proceedings concerning the company’s financial records.

The resolution followed a motion moved by Senator Victor Umeh, representing Anambra Central, and seconded by Senator Onyekachi Nwebonyi, representing Ebonyi North.

The committee maintained that Kyari, having served as the company’s chief executive during part of the period under investigation, was required to provide explanations concerning the outstanding audit queries.

During the earlier proceedings, Senator Adams Oshiomhole, a former Governor of Edo State, criticised Kyari’s failure to appear and called for a warrant of arrest to compel his attendance.

Oshiomhole argued that the former NNPCL chief should personally account for his stewardship rather than send representatives to answer questions on his behalf.

He also accused the company’s management of financial mismanagement and described NNPCL in controversial terms as “a bunch of criminals and thieves”.

However, the Senate subsequently distanced itself from the remarks, explaining that Oshiomhole’s description did not represent the official position of the Red Chamber.

The Senate also clarified that no committee of the National Assembly had independent authority to issue, authorise or execute a warrant of arrest except in strict compliance with the Legislative Houses (Powers and Privileges) Act and with the express approval of the Senate President.

The clarification followed public attention surrounding the committee’s earlier resolution to compel Kyari’s attendance.

With the former NNPCL chief now appearing before the committee and submitting explanations concerning the disputed financial entries, lawmakers are expected to examine the documents before determining whether further clarification is necessary.

Responding to Kyari’s submissions on Tuesday, Dankwambo said the committee would scrutinise the figures and supporting documents before deciding whether to invite the former chief executive again.

“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,” the committee chairman stated.

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