Kyari Denies 210 Trillion NNPCL Missing Funds Allegation

The former Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, has denied allegations of 210 trillion in unaccounted funds, insisting that no money was lost during his tenure.

Kyari attributed the allegations, which concern the company’s financial records between 2017 and 2023, to misinterpreted entries and accounting discrepancies.

He spoke on Tuesday while appearing before the Senate Committee on Public Accounts, which is investigating queries raised by the Office of the Auditor-General of the Federation over NNPCL‘s financial statements for the period.

Defending his record, Kyari said the company had made efforts to implement decisions of the National Assembly, leading to sustained investments and the development of 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.

On payments made to the Federal Inland Revenue Service, Kyari explained that the transactions were for registration purposes, describing the discrepancies as accounting entry issues.

He also maintained that the 2.9 billion under scrutiny represented statutory payments.

Addressing claims that 5 billion was spent on changing the company’s name, the former NNPCL chief said the exercise was carried out by the National Assembly and that no money was paid for the renaming.

Kyari subsequently presented his report to the committee.

Responding, the committee chairman said the panel had identified 23 issues, with only one or two directly involving the former NNPCL chief.

He explained that the report would be circulated among committee members for review. He added that the committee could invite the relevant officials and the Auditor-General of the Federation for further clarification if necessary.

“We accept your apologies for not appearing at the previous sittings and we will look at the figures,” the chairman said.

The committee subsequently discharged Kyari pending the conclusion of its investigation.

The Senate Committee on Public Accounts began investigating the disputed figures in June 2025 after identifying discrepancies in NNPCL’s audited financial statements covering 2017 to 2023.

The figures include 103 trillion recorded as accrued expenses and another 107 trillion listed as sundry receivables, bringing the total to 210 trillion.

The committee has repeatedly rejected explanations provided by the company, insisting that the entries must be properly accounted for.

In March 2026, the panel summoned Kyari and other former NNPCL officials to explain the figures.

It later ordered his arrest in June after he failed to appear before the committee.

However, former NNPCL officials have consistently denied that the money went missing, maintaining that the 210 trillion figure resulted from a misinterpretation of the company’s financial records.