Mele Kyari, the former Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, has told senators that the ₦210 trillion discrepancy flagged in the Auditor-General’s report covering 2017 to 2023 does not represent missing or stolen funds. Appearing before the Senate Committee on Public Accounts on Tuesday, Mr Kyari said the figure had been misconstrued in public reporting and that no money was lost during his tenure.
His appearance followed months of mounting pressure over the audit query, which had raised questions about transparency and accountability at the national oil company. Mr Kyari used the session to address the headline allegation directly, to explain the origin of the disputed figures, and to respond to separate questions about payments connected to the incorporation of NNPC Limited.
Kyari Rejects Claims of Missing Funds
Addressing the committee, Mr Kyari was unequivocal in denying that any funds had disappeared under his leadership. He said the ₦210 trillion figure had been misconstrued in reports as money that was lost, and he confirmed at the hearing that nothing was lost.
He told the lawmakers that such an outcome was simply not possible under his care and leadership, and that it did not happen. He maintained that the money was neither missing nor stolen while he was in charge of the company, and he rejected suggestions that the amount had been lost.
Discrepancy Traced to Bookkeeping, Not Losses
Rather than a financial loss, Mr Kyari attributed the controversy to accounting and bookkeeping failures. He said he had provided detailed explanations in a report submitted to the committee and described the matters as bookkeeping issues with no connection to any losses.
He explained that there were three issues in total, which he said had been clarified, and he described them as accounting entry issues rather than evidence of missing money. He added that his report sets out how that description works, and he expressed confidence that the explanation is correct.
How the ₦210 Trillion Controversy Arose
The dispute over the alleged ₦210 trillion discrepancy began in June 2025, when details of NNPC Limited’s audited financial records attracted public attention. The Senate committee subsequently gave the company a seven-day ultimatum to explain the discrepancies.
NNPC Limited, now led by Bayo Ojulari, did not meet that deadline, citing its officials’ attendance at a retreat. The failure to respond to the Senate’s queries fuelled public concerns about transparency and accountability within the national oil company.
In November 2025, NNPC Limited submitted a written explanation to the committee, stating that ₦103 trillion represented accrued expenses while ₦107 trillion was recorded as receivables. The committee, then chaired by Aliyu Wadada, the senator representing Nasarawa West, rejected the explanation and insisted that the company’s leadership appear in person to provide further clarification.
The matter remained unresolved until Ibrahim Dankwambo, the senator for Gombe Central, replaced Mr Wadada as committee chairman and resumed the investigation. The committee later invited Mr Kyari to appear before the lawmakers and account for the discrepancies. In June, the committee threatened to issue an arrest warrant against him to compel his appearance after he failed to honour several invitations.
President Bola Tinubu removed Mr Kyari from office in April 2025 amid several corruption-related petitions against him.
Defence of ₦2.99 Billion Incorporation Payment
Mr Kyari also addressed questions surrounding the payment of about ₦2.99 billion for the incorporation and registration of NNPC Limited. He explained that the expenditure covered payments to government institutions responsible for the relevant statutory processes.
The former NNPC chief executive said the payment was not for naming the company, contrary to some public interpretations of the financial records. He explained that the Petroleum Industry Act (PIA), enacted by the National Assembly, provided for the incorporation of NNPC Limited as part of the national company’s restructuring.
According to him, the payment was made to the relevant government institutions and subsequently charged to the Federation’s revenue account. He said the money was paid to the former Federal Inland Revenue Service and the Corporate Affairs Commission as payment for registration, and that the entry simply concerned who should bear the cost.
He noted that the PIA, which is the National Assembly, states that company owners should incorporate the company. In this case, he said, the owner of the company at that moment was not necessarily NNPC, and the Federation had to pay for that role in the incorporation. NNPC, which was not owned by the Federation at that moment, paid on behalf of the Federation and then charged it to the Federation’s revenue base.
Rejection of ₦5 Billion Naming Claim
Mr Kyari also dismissed reports suggesting that NNPC Limited paid about ₦5 billion merely to register or name the company, insisting that the name was already provided for in the PIA.
He said he had seen comments that the company paid ₦5 billion for naming, but that the company was in fact named by the National Assembly, meaning no kobo was required to register that name. He explained that the company was named by the National Assembly in appropriate sections of the PIA, and that no such payment existed. He described the matter as a description issue and apologised if it was not properly captured by the auditors.
Transparency Framework and Next Steps
While defending his stewardship, Mr Kyari said he assumed responsibility for the state oil company in 2019 and immediately introduced a transparency and accountability framework to strengthen public confidence in its operations. He said the decision to publish the company’s financial statements exposed its operations to sustained public scrutiny but ultimately improved institutional accountability and operational performance.
He recalled that when he took responsibility in 2019, the first thing he did was to institute a transparency and accountability framework, on the principle that public institutions and public leaders must account for what they are responsible for. He said institutions must be accountable to their stakeholders, particularly their shareholders, and that in the case of NNPC, all Nigerians are shareholders of the company. He said the company took the bold decision to publish its financial records, which had never been done in its 43 years of existence.
After his presentation, Mr Kyari submitted his report to the committee. The committee chairman said the lawmakers would study the document and review his explanations before deciding on further action, leaving the investigation open pending that review.
