N210TRN NNPC AUDIT QUERY: KYARI TELLS SENATE NO MONEY WAS LOST

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By: Hammad Fasasi

The immediate past Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has appeared before the Senate to deny allegations of an unaccounted N210 trillion in the national oil company’s balance sheet, as contained in the 2017–2023 audit report.

Kyari, who appeared before the Senate Committee on Public Accounts, chaired by Senator Ibrahim Dankwambo (PDP, Gombe North), said the disputed figures were accounting entries that did not represent any financial loss.

He maintained that no financial irregularities occurred under his leadership of the NNPC from 2019 to 2025.

“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 boss also dismissed claims that N5 billion was spent on changing the company’s name from NNPC to NNPC Limited, insisting that no such expenditure occurred during his tenure.

However, he addressed queries raised in the audit report concerning the registration and incorporation of NNPC Limited.

According to Kyari, the company was not owned by the Federation in the same manner at the time of its incorporation, making the Federal Government responsible for the related payments.

He explained that NNPC made the payments on behalf of the Federation and subsequently charged the expenses to the government’s revenue, with the transactions reflected in the company’s former NAPIMS account.

“This was simply an accounting entry, involving approximately N2.99 billion. It was a payment made 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,” he said.

Kyari further claimed that his administration transformed the national oil company from a loss-making entity into a profitable organisation.

He recalled that before he assumed office as Group Managing Director in 2019, the company had recorded a loss of about $803 billion in the 2018 operational year.

He said efforts made under his leadership helped the company achieve sustained profitability for the first time in its 44-year history.

“Mr Chairman, you may be aware from the financial records that the company recorded a loss of about $803 billion in 2018.

“I took over in 2019, and we did everything possible to transform the company into a profitable organisation which made it, for the first time in its 44 years of existence, record sustained profits,” he said.

Following Kyari’s submissions, the committee chairman said the responses provided would be thoroughly examined before a final decision was reached on the audit report.

Dankwambo said the committee would scrutinise the figures submitted by the former NNPC chief to determine whether he would be invited for further questioning.

“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,” he said.