N210trn Not Missing From NNPC — Mele Kyari Tells Senate

Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has told the Senate that no money was missing from the company’s accounts during his tenure, insisting that the controversial ₦210 trillion figure resulted from accounting and documentation issues.

Kyari made the clarification on Tuesday, November 10, 2026, when he appeared before the Senate Committee on Public Accounts in Abuja to respond to queries concerning the company’s audited financial statements covering 2017 to 2023.

The former NNPCL chief said the figures cited by lawmakers had been misconstrued as missing funds, maintaining that the entries represented accounting items rather than evidence of financial losses.

“I wish to confirm that nothing was lost. It is simply not possible that such an amount could have been lost under my care and leadership,” Kyari told the committee.

The disputed ₦210 trillion comprises ₦103 trillion recorded as accrued expenses and ₦107 trillion listed as sundry receivables in the company’s financial statements. The Senate committee had questioned the explanations previously provided by the company and demanded further clarification.

Kyari submitted a report to the lawmakers addressing the issues raised against the former management. Committee chairman Ibrahim Dankwambo said the panel would circulate the document among its members for examination and determine whether further explanations were necessary.

The former NNPCL chief also denied allegations that ₦5 billion was spent to change the company’s name from the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited.

He maintained that the name change was effected through legislation by the National Assembly and that no money was spent on renaming the company.

Kyari also addressed questions concerning payments associated with the company’s registration and incorporation, explaining that the relevant statutory payments were made to government institutions.

The Senate committee has been investigating discrepancies in NNPCL’s financial records following concerns raised in audit reports. The inquiry is intended to establish the nature of the entries and determine whether the explanations provided satisfy legislative and audit requirements.

Following Tuesday’s session, Dankwambo said the committee would review the submissions before deciding whether to invite Kyari or other former officials for additional clarification.

The investigation remains ongoing, and the Senate has yet to announce a final conclusion on the disputed financial entries.

Kyari led the national oil company from 2019 until 2025, during which it transitioned from the former NNPC structure to NNPCL under the Petroleum Industry Act.