Former Group Chief Executive Officer of NNPC Limited, Mele Kyari, has told the Senate Committee on Public Accounts that the ₦210 trillion referenced in reports of its scrutiny did not represent missing funds, describing the disputed figures as bookkeeping entries requiring clarification.
His presentation drew commendation from the committee’s chairman, Senator Ibrahim Dankwabo, who praised the clarity of his explanations. Dankwabo said members would study the submitted document and might invite Kyari again if further clarification became necessary.
Appearing alongside Professor Sampson Erugo and his legal team, Kyari defended his stewardship, highlighting reforms which, he said, opened NNPC’s financial records to public scrutiny and helped move the company from losses to sustained profitability.
“I confirm at this moment that nothing is lost,” he said. “They are issues of bookkeeping that had nothing to do with any losses.”
Kyari said he had studied the report provided to him and submitted specific responses to questions arising from earlier engagements between the committee and former NNPC finance officials.
He identified the publication of NNPC’s financial statements as a central achievement of his administration, saying his team introduced a transparency and accountability framework after he assumed leadership in 2019.
“We took a bold decision to publish the financial records of this company, something that had never been done in its 43 years of existence,” he said.
According to Kyari, the disclosure generated public debate, scrutiny and recommendations that helped improve operations and identify opportunities to reduce costs.
“Disclosure causes issues. It produces scrutiny and comments, but it also works to our advantage,” he said.
He maintained that greater accountability strengthened the company and contributed to improvements in its financial performance.
Citing an approximately ₦803 billion loss recorded in 2018, Kyari said his team worked to reverse the company’s financial position and establish sustained profitability.
He welcomed the continuation of that progress under the current management, saying the company’s performance demonstrated the value of maintaining institutional foundations.
“The current management has done everything to sustain the platforms we established on the basis of the law,” he said.
“We are very proud of this because this is how a public institution should serve.”
Kyari also highlighted investment in oil and gas, substantial gas projects and the expansion of downstream activities during his tenure. He linked those efforts to government policy and the framework established by the Petroleum Industry Act.
Addressing questions about NNPC Limited’s incorporation, Kyari said the ₦2.99 billion referenced in his report represented statutory payments to the Federal Inland Revenue Service and the Corporate Affairs Commission.
He explained that NNPC made the payments on behalf of the government and recorded the amount as a charge to the Federation in the former NAPIMS account.
“It was a statutory payment to institutions of government,” he said.
Kyari distinguished the incorporation expenses from any payment to a private organisation to name the company, noting that NNPC Limited’s name was specified in the Petroleum Industry Act.
He attributed the questions surrounding the transaction to its description in the records and apologised for any lack of clarity.
The former NNPC chief also expressed regret over his absence from previous hearings, explaining that he had been medically indisposed and faced related family circumstances.
He said his absence had contributed to misunderstandings in the public space and reaffirmed his respect for the committee’s oversight responsibilities.
“I remain available at any time to give any further clarification you require,” he said.
“I remain loyal to this country. I have done everything possible, within my capacity, to work for this country in the best possible manner.”
Responding, Dankwabo commended Kyari for the clarity of his presentation. He said the committee would review the submitted document before deciding whether another appearance was necessary to address outstanding questions.
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