Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has dismissed allegations that N210tn was lost under his leadership, describing the figure as a product of accounting entries and bookkeeping descriptions rather than missing funds.
Kyari stated this in a post on his X account on Tuesday following his appearance before the Senate Committee on Public Accounts, where he addressed issues arising from the audit of NNPC Ltd and clarified matters relating to his tenure as the company’s Group Managing Director and later Group Chief Executive Officer.
He said he told the committee that no such funds were lost, insisting that the controversy surrounding the N210tn figure stemmed from accounting records.
“I stated unequivocally before the committee that no such funds were lost. The figure arose from accounting entries and bookkeeping descriptions, not the disappearance or loss of money,” he said.
Kyari also addressed the N2.99bn expenditure associated with the incorporation of NNPC Limited, explaining that the amount represented statutory payments made to the Federal Inland Revenue Service and the Corporate Affairs Commission.
According to him, the issue concerned the accounting treatment and responsibility for the payments under the provisions of the Petroleum Industry Act, rather than any improper expenditure.
He said he provided explanations on the relevant entries and expressed readiness to offer further clarification required by the committee.
Reflecting on his tenure, the former NNPC boss said one of his priorities upon assuming leadership in 2019 was to strengthen transparency, accountability and institutional responsibility.
He noted that his administration took the decision to publish the company’s financial statements, making its financial records publicly accessible for the first time in its 43-year history.
“When I assumed leadership of NNPC in 2019, one of my foremost priorities was to establish a stronger framework for transparency, accountability and institutional responsibility,” he said.
He added, “We 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.”
Kyari acknowledged that the disclosures exposed the company to greater public scrutiny, criticism and debate but maintained that the decision was necessary to build a stronger institution.
He said the scrutiny generated constructive discussions, recommendations and internal reforms that improved operational efficiency, strengthened accountability and encouraged cost-saving measures.
According to him, the reforms contributed to the company’s transition from a loss-making position to sustained profitability.
“I am particularly pleased that the accountability structures established during our tenure have been sustained by the current management, with encouraging financial results,” he added.
On the broader petroleum sector reforms, Kyari said his administration worked towards implementing government policies and legislative decisions following the enactment of the Petroleum Industry Act.
He identified the transition towards a market-based petroleum products regime, increased investment in the oil and gas sector, strategic gas infrastructure projects and the expansion of the downstream petroleum industry as some of the developments recorded during the period.
He said the developments remained important to Nigeria’s energy security, economic growth and long-term investment prospects.
Kyari expressed pride in his service to the national oil company, saying he was pleased to have contributed to the transformation of an institution central to Nigeria’s economic development.