Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mele Kyari, told the Senate Committee on Public Accounts on Tuesday that no N210 trillion was lost under his leadership.
Mr Kyari appeared before the committee to address issues arising from the audit of NNPC Ltd and clarify matters relating to his tenure as Group Managing Director of NNPC and, subsequently, Group Chief Executive Officer of NNPC Limited.
Mr Kyari was first appointed NNPC chief by former President late Muhammadu Buhari but was reappointed in 2023 by President Bola Tinubu.
In April 2025, Mr Tinubu sacked the board of NNPC Ltd, including Mr Kyari and board chairperson Pius Akinyelure.
On Tuesday, he said he appreciated the opportunity provided by the Senate to present his explanations, respond to concerns raised in the audit report and place certain issues in their proper context.
N210 trillion: accounting entries, not lost funds
Mr Kyari, in a statement posted on his X handle on Tuesday, said at the heart of his presentation was the need to correct what he described as misconceptions and misinformation surrounding the financial records of the company, particularly the allegation that N210 trillion was lost under his leadership.
“I stated unequivocally before the committee that no such funds were lost. The figure arose from accounting entries and bookkeeping descriptions, not the disappearance or loss of money,” Mr Kyari said.
He said he provided explanations on the relevant entries and reaffirmed his readiness to offer any additional clarification the committee may require.
N2.99 billion incorporation cost
Mr Kyari also addressed the N2.99 billion expenditure relating to the incorporation of NNPC Limited.
He explained that the amount represented statutory payments to the Federal Inland Revenue Service (FIRS) and the Corporate Affairs Commission (CAC) in connection with the company’s incorporation.
The issue, as he clarified, relates to the accounting treatment and responsibility for the payment under the provisions of the Petroleum Industry Act (PIA), rather than any improper expenditure.
Transparency reforms
Beyond the specific issues, Mr Kyari reflected on the institutional reforms undertaken during his tenure.
“When I assumed leadership of NNPC in 2019, one of my foremost priorities was to establish a stronger framework for transparency, accountability and institutional responsibility. I firmly believed that a public institution entrusted with the nation’s resources must be accountable to the people, who are its ultimate stakeholders.
“In pursuit of this objective, we took the unprecedented decision to publish the company’s financial statements, making its financial records publicly accessible for the first time in its 43-year history. We understood that transparency would expose the company to greater scrutiny, criticism and public debate.
“However, we believed that public scrutiny was essential to building a stronger institution. Indeed, the disclosures generated constructive discussions, recommendations and internal reforms that helped improve operational efficiency, strengthen accountability and drive cost-saving measures,” Mr Kyari said.
These efforts, he said, contributed to a significant improvement in the company’s financial performance, moving from a loss position to sustained profitability.
“I am particularly pleased that the accountability structures established during our tenure have been sustained by the current management, with encouraging financial results,” he said.
PIA, market reforms
Mr Kyari said the reforms also took place within the broader transformation of Nigeria’s petroleum industry following the enactment of the Petroleum Industry Act and were further galvanised by the President’s policy interventions.
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“We worked to implement the policy decisions of the Federal Government and the National Assembly, including the transition towards a market-based petroleum products regime.
“During this period, we also witnessed increased investment in the oil and gas sector, the advancement of strategic gas infrastructure projects and the deepening of the downstream petroleum industry. These developments are important to the country’s energy security, economic growth and long-term investment prospects,” he added.
Mr Kyari commended the Senate Committee on Public Accounts for its constitutional oversight responsibilities, saying accountability and transparency are essential pillars of good governance.
“I remain proud of the opportunity to have served NNPC and contributed to the transformation of an institution that is central to Nigeria’s economic development.
“I welcome every legitimate process aimed at strengthening our public institutions. My commitment to Nigeria is unwavering, and I remain loyal to our country and proud of the opportunity to have served,” he said.
