Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has appeared before the Senate Committee on Public Accounts to explain alleged financial discrepancies amounting to ₦210 trillion in the company’s audited financial statements covering the 2017 to 2023 financial years.
Kyari appeared before the committee on Tuesday, November 10, 2026, at Hearing Room Four of the National Assembly complex in Abuja, accompanied by a delegation of officials, months after lawmakers threatened to compel his appearance following repeated invitations over the unresolved audit queries.
During the appearance, the former NNPCL boss rejected allegations that ₦210 trillion was missing or lost under his leadership, insisting that the disputed figures were accounting and bookkeeping entries that had been misunderstood.
The Senate investigation followed audit observations raised by the Office of the Auditor-General of the Federation concerning NNPCL’s financial records for the period under review.
At the centre of the controversy are two major entries in the company’s accounts: ₦103 trillion recorded as accrued expenses and another ₦107 trillion classified as sundry receivables. Together, the figures amount to ₦210 trillion and have raised questions among lawmakers about the nature of the transactions, their supporting documentation and the parties involved.
Addressing the committee, Kyari maintained that the money was neither missing nor stolen under his watch, arguing that the figures represented accounting entries rather than evidence of financial losses.
He told the lawmakers that the disputed ₦210 trillion had been misconstrued in the audit reports as money that was lost.
“I have confirmed at this moment that nothing is lost. It is simply not possible under my care and under my leadership for that to happen, but it did not happen,” Kyari said.
He further explained that the issues involved bookkeeping and accounting entries, adding that he had provided explanations in a written report submitted to the committee.
The former oil company chief attributed the ₦103 trillion recorded as accrued expenses to cumulative expenditure incurred by joint venture partners under the joint venture cash-call arrangement.
He explained that the ₦107 trillion classified as sundry receivables represented outstanding amounts allegedly owed to the company by banks and other entities.
Kyari insisted that the two figures should not be interpreted as money that disappeared from NNPCL’s accounts, maintaining that the relevant explanations and records had been presented to the committee for examination.
The former GCEO also addressed questions concerning approximately ₦2.99 billion spent on the incorporation and registration of NNPC Limited.
He explained that the expenditure covered statutory payments to relevant government institutions, including the former Federal Inland Revenue Service and the Corporate Affairs Commission, in connection with the company’s incorporation following the implementation of the Petroleum Industry Act.
According to him, the payment was not simply for changing the company’s name, as had been suggested in some interpretations of the financial records.
Kyari argued that the Petroleum Industry Act, which was enacted by the National Assembly, had already provided for the establishment and name of NNPC Limited.
He also rejected claims that the company spent ₦5 billion merely to register or rename the organisation, describing such interpretations as a misunderstanding of the relevant financial entries.
He explained that the incorporation process involved statutory obligations and payments made on behalf of the Federation, which he said was responsible for the relevant ownership arrangements at the time.
While responding to questions about his tenure, Kyari defended his management of the national oil company, saying he introduced a transparency and accountability framework when he assumed leadership in 2019.
He said the decision to publish the company’s financial statements was intended to improve transparency and allow Nigerians, whom he described as stakeholders in the national oil company, to scrutinise its operations.
Kyari maintained that he served the company and the country to the best of his ability and denied deliberately engaging in wrongdoing.
The Senate Committee on Public Accounts, chaired by Senator Ibrahim Dankwambo, had previously expressed frustration over Kyari’s failure to honour several invitations to explain the financial entries.
The committee’s investigation had generated considerable controversy since the disputed figures emerged from the company’s audited financial statements and were referred to lawmakers by the Office of the Auditor-General of the Federation.
In June 2026, the committee threatened to issue an arrest warrant to compel Kyari’s appearance after he failed to attend several scheduled hearings.
At the time, lawmakers argued that his continued absence was delaying the investigation and insisted that the former head of the national oil company needed to personally explain the transactions recorded during the period under scrutiny.
Senators, including Victor Umeh and Abdul Ningi, had expressed dissatisfaction with the repeated failure to secure his attendance, while former Edo State Governor and Senator representing Edo North, Adams Oshiomhole, called for stronger action to ensure that Kyari appeared before the panel.
Oshiomhole argued that the former NNPCL chief should not be allowed to avoid questions concerning the company’s financial records simply because he had previously occupied a powerful position in the country’s oil industry.
The committee’s chairman, Dankwambo, had also maintained that the investigation must be concluded and that those responsible for the financial records should provide the necessary explanations.
The controversy dates back to June 2025, when concerns emerged over the company’s audited financial statements covering the 2017–2023 period. The Senate subsequently demanded explanations from NNPCL, particularly regarding the ₦103 trillion accrued expenses and ₦107 trillion in sundry receivables.
In November 2025, the company submitted written explanations to the committee, attributing the figures to accrued expenses and outstanding receivables. However, lawmakers remained dissatisfied and insisted that the former management provide further clarification in person.
The investigation continued into 2026, with Kyari and other former officials invited to answer questions concerning the company’s financial management during the period.
Following his appearance on Tuesday, Kyari submitted his report and explanations to the committee for further examination.
Committee Chairman Dankwambo said the lawmakers would study the documents and review the explanations provided before deciding whether additional clarification would be required from the former NNPCL leadership, other officials or the Auditor-General of the Federation.
The committee indicated that its investigation would continue, with attention focused on reconciling the disputed figures and determining whether the explanations and supporting records adequately address the outstanding audit queries.
Kyari’s appearance represents a major development in the prolonged Senate investigation, which has attracted public attention because of the enormous financial figures involved and the questions surrounding accountability in the management of Nigeria’s national oil company.
Although Kyari has insisted that no money was missing under his leadership, the Senate’s examination of the audit queries remains ongoing. The disputed ₦210 trillion therefore remains a subject of legislative scrutiny, and the committee is expected to determine whether the explanations supplied are sufficient to resolve the issues raised by the audit reports.
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