The immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mele Kyari, has dismissed allegations that ₦210 trillion went missing from the company’s accounts, insisting that the figures reflect accounting discrepancies rather than financial misconduct.
Kyari made the clarification while appearing before the Senate Committee on Public Accounts, where he addressed queries arising from the company’s audited financial statements.
He maintained that no such amount disappeared during his tenure, which lasted from 2019 to 2025, adding that the reported discrepancies resulted from differences in accounting classifications and financial reporting.
The former NNPC chief also addressed questions surrounding the company’s transition from the Nigerian National Petroleum Corporation to NNPC Limited under the Petroleum Industry Act.
He rejected claims that the company spent ₦5 billion on its rebranding, explaining that approximately ₦2.99 billion went to statutory payments and regulatory obligations involving institutions such as the Corporate Affairs Commission and the Federal Inland Revenue Service.
Kyari further defended his administration’s financial record, highlighting that it transformed the corporation from a loss-making organisation in 2018 into a profitable business.
He maintained that the company’s financial performance improved under his leadership, pointing to its transition towards profitability.
Meanwhile, the Chairman of the Senate Committee on Public Accounts, Senator Ibrahim Dankwambo, said the committee would examine Kyari’s explanations alongside the submitted documents before reaching a conclusion.
However, the panel is expected to review the outstanding audit queries and determine whether the former management’s explanations adequately address the issues raised. Notably, the committee is yet to announce its final decision.
