No N210tn missing in NNPC, says ex-GCEO Kyari

Résumé détaillé

Former NNPC GCEO, Mele Kyari, has denied allegations that N210tn is missing, telling a Senate committee that audit discrepancies were accounting entries. Read More:…

The immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, on Tuesday denied allegations that N210tn was unaccounted for in the company’s financial records, insisting that the discrepancies identified in its 2017–2023 audit reports were accounting entries and not evidence of missing funds.

Kyari, who appeared before the Senate Committee on Public Accounts, said no money was lost under his leadership of the national oil company between 2019 and 2025.

He explained that the figures flagged by auditors resulted from bookkeeping issues that had been misunderstood as financial infractions, adding that the relevant explanations had been provided in his written response to the committee.

“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 said.

The former NNPC Ltd boss also dismissed allegations that N5bn was spent on changing the name of the Nigerian National Petroleum Corporation to NNPC Limited following the enactment of the Petroleum Industry Act, 2021.

He equally addressed audit queries concerning the registration and incorporation of NNPC Limited, explaining that the payment for the process was initially made by the company on behalf of the Federation and subsequently charged to the government’s revenue account.

He said, “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.

“However, 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.

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