Former NNPCL GMD Kyari denies ₦210trn NNPC loss under his watch

Former Nigerian National Petroleum Company Limited (NNPCL) Group Managing Director Mele Kyari has denied that ₦210 trillion went unaccounted for under his leadership, telling a Senate committee that the disputed figures arose from a misreading of the company’s financial records.

Kyari appeared before the Senate Committee on Public Accounts, which is examining queries raised by the Office of the Auditor-General of the Federation over NNPCL’s audited financial statements for 2017 to 2023.

The disputed total comprises ₦103 trillion recorded as accrued expenses and ₦107 trillion listed as sundry receivables. The committee began examining the figures in June 2025 and has repeatedly rejected the company’s explanations, insisting that it must properly account for the entries.

Kyari maintained that no money was lost under his watch. He said the company had sought to implement National Assembly decisions and that those efforts had helped sustain investment and develop the downstream petroleum sector.

“I am very proud that we have served this company in the best way possible. I remain loyal to this country and have done nothing deliberately for wrongdoing,” he said.

Addressing payments to the Federal Inland Revenue Service, Kyari said they were made for registration purposes and described the discrepancies as issues with how the payments were recorded. He said the ₦2.9 billion in question represented statutory payments.

He also rejected an allegation that the company spent ₦5 billion on its name change. Kyari said the National Assembly effected the change and that the company paid nothing for it.

After Kyari submitted his report, the committee chairman said the panel was considering 23 issues, only one or two of which concerned the former NNPCL chief. He said members would review the report and could invite those involved, as well as the Auditor-General of the Federation, if they needed further clarification.

“We accept your apologies for not appearing at the previous sittings and we will look at the figures,” the chairman said. The panel excused Kyari at the end of his appearance. Its investigation remains open.

The committee summoned Kyari and other former NNPCL officials in March 2026 and ordered his arrest in June after he failed to appear. Former company officials have denied that the money went missing, arguing that the ₦210 trillion figure stems from a misinterpretation of the financial statements.