Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has told the Senate that the N210 trillion controversy engulfing the state oil firm is the product of auditors misinterpreting accounting entries and wrongly presenting them as missing funds.
Appearing before the Senate Committee on Public Accounts on Tuesday, Kyari insisted that not a single naira of the disputed amount was lost under his leadership.
“I confirm this moment that nothing is lost,” he declared. “It’s simply not possible under my care and under my leadership for that to happen. But it did not happen, and there are actually entry issues, which I know have been clarified. They are all issues of bookkeeping that have nothing to do with any losses.”
Kyari maintained that the figure was not evidence of financial loss but an accounting interpretation problem. He also questioned submissions made by some former NNPCL financial officers, insisting that the controversy required a proper understanding of the company’s accounting records.
His appearance came amid mounting scrutiny of NNPCL’s financial statements and audit findings that raised questions about transactions running into N210 trillion.
Beyond the headline figure, Kyari also defended the N2.99 billion spent on the incorporation of NNPCL, dismissing suggestions that the company made questionable payments to secure its registration or name.
According to him, the expenditure covered statutory services rendered by government institutions and was incurred on behalf of the Federation. He explained that the Petroleum Industry Act (PIA), which transformed the former Nigerian National Petroleum Corporation into a limited liability company, placed the responsibility for incorporation on the company’s owners. NNPCL, he said, made the payment and subsequently charged it to Federation revenue.
He also rejected suggestions that money was paid to the National Assembly for the company’s name.
“Actually, this company was named by the National Assembly, so you don’t need to pay any kobo to register that company,” he said.
Kyari mounted a broader defence of his time in office, claiming his administration introduced transparency and accountability measures that opened NNPCL’s books to public scrutiny for the first time in the company’s 43-year history. He said the reforms exposed operational weaknesses and improved financial performance, and that the company returned to profitability after earlier losses.
He also defended his administration’s implementation of Federal Government and National Assembly decisions on petroleum sector reforms, including the move towards a market-based petroleum products regime and efforts to attract investment into the oil and gas industry.
The former GCEO apologised for missing previous appearances before the committee, citing medical and family-related circumstances.
Senate: “It is not over”
But lawmakers made clear that Kyari’s explanations would not close the books on the matter.
Committee Chairman, Senator Ibrahim Dankwambo, said the submissions of Kyari and other former NNPCL executives would be subjected to further scrutiny. Members will receive copies of the reports and responses for detailed examination, and the committee will invite the Office of the Auditor-General of the Federation to clarify the issues raised in the audit findings.
Dankwambo explained that two items on NNPCL’s balance sheet, when viewed from different accounting perspectives, produced the N210 trillion figure under investigation.
“We will look at the figures. We will interrogate the figures. It is not over,” he said.
Although members voted to allow Kyari to leave after his presentation, Dankwambo stressed that the decision did not amount to exoneration or the end of the investigation. The committee may recall Kyari or other former executives if further explanations become necessary.
For now, the central question remains whether the disputed N210 trillion has been properly accounted for, and whether Kyari’s claim of auditor misinterpretation will withstand the Senate’s scrutiny.