Former Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mele Kyari, has told the Senate Committee on Public Accounts that no funds were lost during his tenure, dismissing claims that N210 trillion disappeared from the company’s books.
Kyari appeared before the committee on Tuesday to respond to issues raised in the audit of NNPC Ltd and to clarify matters relating to his time as Group Managing Director of NNPC and later Group Chief Executive Officer of NNPC Limited.
He thanked the Senate for the opportunity to present his explanations, saying his aim was to correct misconceptions and misinformation about the company’s financial records, particularly the N210 trillion allegation.
“No such funds were lost,” Kyari told the lawmakers, explaining that the figure came from accounting entries and bookkeeping descriptions, not from missing money.
He said he gave the committee explanations on the relevant entries and remains ready to provide any further clarification it may need.
The former NNPC boss also addressed the N2.99 billion spent on the incorporation of NNPC Limited.
According to him, the amount covered statutory payments to the Federal Inland Revenue Service and the Corporate Affairs Commission.
He said the matter concerns the accounting treatment and responsibility for the payment under the Petroleum Industry Act and does not point to any improper expenditure.
Beyond the audit queries, Kyari used the session to highlight reforms carried out during his time in office.
He said that when he took over the leadership of NNPC in 2019, his priority was to build a stronger framework for transparency, accountability and institutional responsibility.
He argued that a public institution entrusted with the nation’s resources must answer to the people as its ultimate stakeholders.
To that end, he said, management took the unprecedented step of publishing the company’s financial statements, making its records publicly accessible for the first time in its 43-year history.
Kyari acknowledged that the decision exposed the company to more scrutiny, criticism and public debate, but said it was necessary to build a stronger institution.
He noted that the disclosures prompted constructive discussions, recommendations and internal reforms that improved operational efficiency, strengthened accountability and led to cost savings.
He said these efforts helped move the company from a loss position to sustained profitability, adding that he was pleased the accountability structures put in place under his leadership have been maintained by the current management, with encouraging financial results.
Kyari further said the reforms took place within the wider transformation of Nigeria’s petroleum industry following the enactment of the Petroleum Industry Act and were boosted by the President’s policy interventions.
He said the company worked to implement decisions of the Federal Government and the National Assembly, including the move towards a market-based petroleum products regime.
He also pointed to increased investment in the oil and gas sector, progress on strategic gas infrastructure projects and a deeper downstream petroleum industry during the period, describing these as important to the country’s energy security, economic growth and long-term investment prospects.
Kyari said he remains proud to have served NNPC and to have contributed to the transformation of an institution central to Nigeria’s economic development.
