Mele Kyari says no N210trn missing from NNPC accounts – The Witness Nigeria

Mele Kyari, former group chief executive officer of the Nigerian National Petroleum Company Limited (NNPC), has dismissed the allegations that N210 trillion is missing from the national oil company’s accounts.

Kyari made the clarification on Tuesday while appearing before the Senate Committee on Public Accounts chaired by Senator Ibrahim Dankwambo.

The committee is probing unresolved audit queries in NNPC’s financial records covering the period between 2017 and 2023.

While responding to questions from lawmakers, the former NNPC chief maintained that there was no financial loss during his time in office. He argued that the audit findings had been misunderstood and should not be treated as evidence of missing public funds.

“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,” he told the committee.

Kyari said he had already submitted written explanations addressing the disputed transactions and provided further clarification during his appearance before the lawmakers.

The former NNPC boss also rejected claims that N5 billion was spent changing the name of the former Nigerian National Petroleum Corporation to NNPC Limited following the enactment of the Petroleum Industry Act (PIA) in 2021.

Explaining the circumstances surrounding the company’s incorporation, Kyari told the committee that NNPC initially paid approximately N2.99bn on behalf of the Federation. He said the amount was subsequently transferred to the government’s revenue account.

According to him, the payment went to government agencies responsible for providing incorporation-related services and was later reflected in the company’s former National Petroleum Investment Management Services account.

He dismissed reports suggesting that the company spent N5bn simply to change its name, describing the claim as inaccurate.

Kyari defends perfomance at NNPC

Kyari also defended his performance at the helm of the national oil company.

He told the committee that he inherited an organisation struggling with financial losses and introduced changes that eventually moved it towards profitability.

Kyari cited an estimated loss of $803bn recorded by the company in 2018, the year before he assumed office as group managing director.

He said the reforms undertaken during his leadership helped transform the company’s financial performance, leading to what he described as sustained profits for the first time in its 44-year history.

The committee said it will review the figures and documents presented by the former chief executive before deciding whether his explanations adequately resolve the outstanding questions.

Dankwambo said the lawmakers would scrutinise Kyari’s submissions and determine whether another invitation would be necessary.

“We shall interrogate the figures submitted by the former GMD to know whether to invite him again. For now, he has responded to the two issues relating to his leadership of NNPC during the period under review,” the senator said.

Kyari’s appearance comes after months of controversy surrounding the Senate’s investigation into more than N210 trillion in financial entries and unresolved audit queries involving NNPC between 2017 and 2023.

The issues were referred to the Senate committee by the Office of the Auditor-General for the Federation. They concern outstanding financial entries, discrepancies and transactions in the company’s records that auditors have requested explanations for.

Recall, the lawmakers had threatened to invoke their constitutional powers to compel him to attend after he allegedly failed to honour several invitations.