NNPC Former Boss Tells Lawmakers No ₦210 Trillion Is Missing

Former Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, said the claimed ₦210 trillion gap in the Auditor-General’s report from 2017 to 2023 is not true.

Mr Kyari insisted that the money was neither missing nor stolen during his time, pushing back against reports that suggested otherwise.

He spoke on Tuesday before the Senate Committee on Public Accounts, addressing the claims in the audit report.

"The issue of ₦210 trillion that is misconstrued in the reports to have been lost, I have confirmed at this moment that nothing is lost. It’s simply not possible under my care and under my leadership for that to happen, but it did not happen," he said.

Mr Kyari explained that the confusion came from errors in accounting and bookkeeping, not actual financial losses. He mentioned that he had already provided detailed explanations in a report given to the committee.

"There are actually three issues, which I know have been clarified. They are bookkeeping issues and have nothing to do with any losses. And I really, really confirm that nothing is lost. Those are just accounting entry issues, and I’m sure that description is correct. It’s also in my report how that description works," he added.

The talk about the ₦210 trillion gap began in June 2025 when NNPC Ltd’s audited financial records drew attention from the public.

At that time, the Senate committee gave the company a seven-day deadline to explain the discrepancies. But NNPC Ltd, now led by Bayo Ojulari, did not meet the deadline, stating that its officials were at a retreat.

This delay raised public worries about transparency and honesty in the national oil company.

In November 2025, NNPC Ltd sent a written response to the committee, saying ₦103 trillion was for accrued expenses and ₦107 trillion was recorded as receivables.

The committee, under the leadership of Aliyu Wadada, the senator for Nasarawa West, rejected this explanation and asked for company leaders to appear in person to give more details.

The issue remained unresolved until Ibrahim Dankwambo, the senator for Gombe Central, took over as committee chairman and continued the investigation.

The committee later invited Mr Kyari to come and explain the discrepancies. In June, they even threatened to issue an arrest warrant after he missed several invitations.

President Bola Tinubu removed Mr Kyari from his position in April 2025 due to several corruption allegations against him.

Mr Kyari also answered questions about the ₦2.99 billion spent on the incorporation and registration of NNPC Limited. He clarified that this money went to government bodies responsible for the necessary processes.

He said the payment was not for naming the company, as some people misunderstood the financial records.

He explained that the Petroleum Industry Act (PIA) passed by the National Assembly required NNPC Limited to be incorporated as part of its restructuring.

According to the PIA, the payment went to the former FIRS and the Corporate Affairs Commission for registration. The payment was charged to the Federation’s revenue account.

"It’s actually paid to the former FIRS and the Corporate Affairs Commission as a matter of payment for registration. It’s just an entry about who should pay for it. The PIA, which is the National Assembly, states that company owners should incorporate the company.

"In this case, the owner of the company at that moment was not necessarily NNPC. The federation must pay for that role in the incorporation. NNPC, which was not owned by the federation at that moment, paid on behalf of the federation and then charged it to the federation’s revenue base."

Mr Kyari also dismissed claims that NNPC Ltd spent about ₦5 billion just to register or name the company, saying the name was already given in the PIA.

"I have some comments that, for naming the company, we paid ₦5 billion. Actually, this company was named by the National Assembly, so you don’t need to pay any kobo to register that company.

"The company was named by the National Assembly in appropriate sections of the PIA. So there is no such thing. I think it’s a description issue, and we apologise if that wasn’t properly captured by the auditors," he said.

While defending his time in charge, Mr Kyari said he took over the state oil company in 2019 and immediately set up a system for transparency and accountability to build public trust in its operations.

He stated that publishing the company’s financial reports opened its operations to public examination, which improved accountability and performance.

"When I took responsibility in 2019, the first thing I did was to institute a transparency and accountability framework. I said that public institutions and public leaders must account for what they are responsible for, and institutions must be accountable to their stakeholders, particularly their shareholders.

"In the case of NNPC, all Nigerians are shareholders of this company. And I understood this. We took the bold decision to publish the financial records of this company, which has never been done in its 43 years of existence."

After his presentation, Mr Kyari gave his report to the committee.

The committee chairman said the lawmakers would review the document and consider his explanations before deciding what to do next.