SNOW TV NEWS DESK
Former Group Managing Director 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, insisting that the disputed figures resulted from a misunderstanding of its financial records.
Kyari made the clarification while appearing before the Senate Committee on Public Accounts, which is investigating financial queries raised by the Office of the Auditor-General of the Federation concerning NNPCL’s audited accounts covering 2017 to 2023.
The controversy centers on two major entries in the company’s financial statements: ₦103 trillion recorded as accrued expenses and another ₦107 trillion listed as sundry receivables.
Together, the figures amount to ₦210 trillion, raising serious questions about how the funds were accounted for and whether the company could properly explain the transactions.
However, Kyari maintained that the figures should not be interpreted as money that disappeared from NNPCL’s accounts. He argued that the controversy arose from the interpretation of accounting entries rather than evidence of financial misconduct or missing funds.
The Senate committee has been examining the matter since June 2025 and has repeatedly demanded clearer explanations from the company over the disputed figures.
Defending his record, the former NNPCL chief said he had worked in the interest of the company and the country, adding that efforts were made to implement decisions of the National Assembly and sustain investments in the petroleum sector.
“I am very proud that we have served this company in the best way possible. I remain loyal to this country and have done nothing deliberately for wrongdoing,” Kyari told the lawmakers.
He also addressed questions surrounding payments made to the Federal Inland Revenue Service, explaining that the transactions were related to registration purposes and that the discrepancies concerned how the payments were recorded.
According to him, the ₦2.9 billion under scrutiny represented statutory payments.
Kyari equally rejected claims that NNPCL spent ₦5 billion on its name change, maintaining that the change was effected by the National Assembly and that the company did not pay that amount for the exercise.
Following his presentation, the committee chairman disclosed that lawmakers were examining 23 issues, with only one or two directly involving Kyari.
The chairman said the panel would study the documents submitted by the former executive and could invite relevant individuals, including the Auditor-General of the Federation, if further explanations were required.
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The committee subsequently excused Kyari but made it clear that the investigation was not over.
The former NNPCL boss and other ex-officials had previously been summoned in March 2026. In June, the committee ordered his arrest following his failure to appear before the panel.
The investigation is particularly significant given NNPCL’s central role in Nigeria’s petroleum industry and the enormous public interest surrounding its finances.
Ultimately, the key issue is not simply whether ₦210 trillion was stolen, as Kyari denies, but whether the company can provide clear, independently verifiable explanations for the accounting entries and satisfy lawmakers that every transaction was properly recorded.
Until the committee completes its investigation, the allegations remain unresolved, and Kyari’s defense represents his position on the disputed financial records rather than a final determination by the Senate.
“Sir Bartholomew White Ebe is a Lagos-based media personality, Music Artist, Producer, and a Relationship Coach and independent journalist. With over seven years of experience tracking political developments and cultural shifts in Nigeria, he specializes in local current affairs, grassroots politics, and community-driven reporting across Lagos State. As the founder and chief editor of Snow Multimedia Connect {SNOW TV}, he leads the editorial team to deliver verified, high-impact stories to digital audiences.”
Email: snowmediaconnect@gmail.com
