Kyari Denies ₦210trn NNPC Loss Under His Watch, Rejects ₦5bn Renaming Claim

The former Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has dismissed allegations of ₦210 trillion in unaccounted funds raised by the Senate, insisting that no money was lost under his watch.

Kyari said the allegations relating to the company’s financial records between 2017 and 2023 were based on misconstrued entries and accounting issues.

He spoke on Tuesday when he appeared 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 records during the period.

Explaining the issues, Kyari said the company had made efforts to implement decisions of the National Assembly, resulting in sustained investments and the development of the downstream sector for the benefit of the country.

“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 (FIRS), Kyari explained that they were for registration purposes, describing the discrepancies as entry issues. He also said the ₦2.9 billion in question represented statutory payments.

Addressing the allegation that ₦5 billion was spent on renaming the NNPCL, the former GMD said the company’s name change was effected by the National Assembly, insisting that no money was paid for the exercise.

Kyari subsequently presented his report to the committee.

In his response, the committee chairman said 23 issues had been raised before the panel, with only one or two relating to the former NNPCL chief.

He said the report would be circulated among committee members for examination, adding that the panel could invite those concerned, as well as 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.

Kyari was subsequently discharged by the committee pending the conclusion of its investigation.

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

The figures comprise ₦103 trillion recorded as accrued expenses and ₦107 trillion listed as sundry receivables. The committee has repeatedly rejected the explanations provided by the company, insisting that the entries must be properly accounted for.

In March 2026, the panel summoned Kyari and other former officials to explain the figures. It later ordered Kyari’s arrest in June after he failed to appear before it. However, former NNPCL officials have denied that the money went missing, arguing that the ₦210 trillion figure arose from a misinterpretation of the company’s financial records.