Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied allegations that ₦210 trillion went missing from the company’s accounts during his tenure, describing the disputed figures as accounting entries that had been misunderstood.
Kyari made the clarification on Tuesday, November 10, 2026, when he appeared before the Senate Committee on Public Accounts at the National Assembly in Abuja to respond to audit queries concerning the company’s financial statements covering 2017 to 2023.
The former NNPCL chief appeared before the committee months after repeated invitations and threats by lawmakers to issue an arrest warrant to compel his attendance.
The controversy centres on two major financial entries identified in the company’s audited accounts: ₦103 trillion recorded as accrued expenses and another ₦107 trillion classified as sundry receivables, bringing the disputed total to ₦210 trillion.
However, Kyari told the lawmakers that the figures did not represent missing or stolen funds, insisting that the transactions were accounting and bookkeeping entries requiring proper interpretation.
He said, “I have confirmed at this moment that nothing is lost. It is simply not possible under my care and under my leadership for that to happen, but it did not happen.”
Explaining the ₦103 trillion accrued expenses, Kyari attributed the amount to cumulative expenditure incurred by joint venture partners under the joint venture cash-call arrangement.
He also explained that the ₦107 trillion recorded as sundry receivables represented outstanding payments allegedly owed to the company by banks and other entities.
Kyari maintained that he had provided written explanations and relevant records to the committee to clarify the disputed transactions.
He also addressed questions surrounding approximately ₦2.99 billion reportedly spent on the incorporation and registration of NNPC Limited following the enactment of the Petroleum Industry Act.
According to him, the expenditure covered statutory payments to government institutions, including the former Federal Inland Revenue Service and the Corporate Affairs Commission, and was not merely for changing the company’s name.
He equally dismissed interpretations suggesting that NNPCL spent ₦5 billion simply to register or rename the organisation, describing such claims as a misunderstanding of the financial records.
Defending his leadership of the national oil company, Kyari said he introduced a transparency and accountability framework after assuming office in 2019, including the publication of the company’s financial statements to enable Nigerians to scrutinise its operations.
The Senate Committee on Public Accounts, chaired by Senator Ibrahim Dankwambo, had previously expressed dissatisfaction with Kyari’s failure to honour several invitations to explain the audit observations.
In June 2026, the committee threatened to issue an arrest warrant against him after he failed to appear at scheduled hearings.
Senators, including Victor Umeh and Abdul Ningi, had expressed concerns over his repeated absence, while former Edo State Governor, Senator Adams Oshiomhole, called for stronger measures to ensure his appearance before the panel.
The audit controversy dates back to June 2025, when concerns emerged over NNPCL’s audited financial statements for the 2017–2023 period.
Although the company submitted written explanations in November 2025, lawmakers insisted that the former management should personally clarify the transactions.
Following Kyari’s appearance, Dankwambo said the committee would examine the documents and explanations submitted before deciding whether further clarification would be required from the former NNPCL leadership, other officials or the Auditor-General of the Federation.
The committee said its investigation remained ongoing, with attention focused on reconciling the disputed financial entries and determining whether the explanations and supporting documents adequately addressed the audit queries.