Mele Kyari, the former Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), has rejected allegations of ₦210 trillion in unaccounted funds during his tenure from 2017 to 2023. Appearing before the Senate Committee on Public Accounts, Kyari maintained that the accusations resulted from misinterpretations and accounting discrepancies.
During the session, which focused on queries from the Office of the Auditor-General regarding NNPCL’s financial records, Kyari expressed confidence in the company’s integrity. He stated that efforts during his leadership contributed to considerable investments and development in the downstream sector.
Highlighting the nature of certain payments to the Federal Inland Revenue Service, he explained these were for registration purposes and termed the inconsistencies as simple entry issues, emphasizing that ₦2.9 billion in question represented statutory payments.
In response to claims that ₦5 billion was expended for the renaming of NNPCL, Kyari clarified that the National Assembly mandated the name change, and no expenses were incurred for this process.
The Senate Committee Chairman noted that the panel was addressing 23 issues, with few directly related to Kyari, and indicated that the committee would review the report and possibly summon relevant officials for further details.
The investigation commenced in June 2025 after significant discrepancies surfaced in NNPCL’s financial documents, amounting to ₦210 trillion, categorized as accrued expenses and sundry receivables. Despite earlier tensions, including a summons for Kyari’s appearance and an arrest order due to his absence, he continues to assert that the figures cited are based on misunderstandings of NNPCL’s accounting practices.
