Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, has dismissed allegations that N210 trillion went missing under his leadership, insisting that the controversial figure arose from accounting entries and bookkeeping descriptions rather than any loss of funds.
Kyari made the clarification when he appeared before the Senate Committee on Public Accounts to respond to issues arising from the audit of NNPC Limited and explain financial transactions during his tenure as Group Managing Director of the defunct Nigerian National Petroleum Corporation and subsequently Group Chief Executive Officer of NNPC Limited.
In his account of the proceedings, Kyari said he categorically informed the committee that no N210 trillion was lost, explaining that the figure had been misunderstood and required proper accounting interpretation.
He said he provided explanations on the disputed financial entries and expressed readiness to furnish the committee with further information whenever required.
The former NNPC boss also addressed questions surrounding the N2.99 billion expenditure incurred in incorporating NNPC Limited.
According to him, the amount represented statutory payments made to the Federal Inland Revenue Service (FIRS) and the Corporate Affairs Commission (CAC) in connection with the company’s incorporation.
He maintained that the controversy centred on the accounting treatment and responsibility for the payments under the Petroleum Industry Act (PIA), rather than any improper expenditure.
Reflecting on his tenure, Kyari said one of his major priorities upon assuming leadership of NNPC in 2019 was to establish a stronger framework for transparency, accountability and institutional responsibility.
He recalled that his management 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.
According to him, the decision exposed the national oil company to increased public scrutiny and criticism but was necessary to build a more transparent and accountable institution.
He said the disclosures generated constructive public discussions, recommendations and internal reforms that improved operational efficiency, strengthened accountability and encouraged cost-saving measures.
Kyari further attributed the reforms to the company’s transition from a loss-making position to sustained profitability, expressing satisfaction that the accountability structures introduced during his administration had been maintained by the current management.
He also linked the transformation of the petroleum industry to the implementation of the Petroleum Industry Act and policy interventions by President Bola Tinubu’s administration.
The former GCEO said his tenure involved implementing policy decisions of the Federal Government and the National Assembly, particularly the transition towards a market-based petroleum products regime.
He added that the period witnessed increased investments in the oil and gas sector, progress on strategic gas infrastructure projects and the expansion of the downstream petroleum industry.
According to him, these developments remain critical to Nigeria’s energy security, economic growth and long-term investment prospects.
Kyari commended the Senate Committee on Public Accounts for exercising its constitutional oversight responsibilities, describing transparency and accountability as indispensable pillars of good governance.
He maintained that he welcomed legitimate scrutiny of public institutions and remained proud of his contributions to the transformation of NNPC.
He also reaffirmed his commitment to Nigeria, saying he remained loyal to the country and proud of the opportunity to have served.
