N210trn not missing from NNPC – Mele Kyari tells Senate

By Henry Umoru – ABUJA The immediate past Group Chief Executive Officer, GCEO, of the Nigerian National Petroleum Company, NNPC, Limited, Mele Kyari has appeared before the Senate, refuting alleged unaccounted N210 trillion in the balance sheet of the National oil company as contained in the 2017 to 2023 Audit report. Kyari who finally appeared before the Senator Ibrahim Dankwabo (PDP, Gombe North) led Senate Committee on Public Accounts said the alleged unaccounted figures arose from accounting entries which have nothing to do with financial loss.

He declared that no such financial infraction happened under him as Chief Executive of NNPCL from 2019 to 2025. Kyari said, “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. “The matter relates to accounting entries, which have nothing to do with any financial loss.

“They are bookkeeping issues, and I believe the appropriate explanations have been provided in my report.” The former NNPCL boss who declared that the N5billion allegedly spent on change of name from NNPC to NNPCL , waa untrue as there was no spending like that under his watch, however refuted queries raised in the audit report on registration and incorporation of NNPC Ltd.

He said: “At the time of incorporation, the company was not owned by the Federation in the same manner. “The Federation was therefore responsible for the payment relating to the incorporation of NNPC. “However, NNPC made the payment on behalf of the Federation and subsequently charged it to the Federation’s revenue, which was reflected in what we referred to as the former NAPIMS account of NNPC.

“This was simply an accounting entry, involving approximately N2.99 billion. It was a payment made to government institutions responsible for providing the relevant services. “I have also seen comments suggesting that N5 billion was paid for the naming of the company. That is not correct”. According to him, NNPCL under him was transformed from loss incurring corporation to a profit making company, adding that prior to his assumption of office as Group Managing Director of NNPC in 2019 , the national oil company had a huge loss of $803billion in 2018 operational year , which gradually turned to o profit making under him from 2019 .

Kyari said, “Mr Chairman, you may be aware from the financial records that the company recorded a loss of about $803billion in 2018. “I took over in 2019, and we did everything possible to transform the company into a profitable organisation which made it to for the first time in its 44 years of existence, recording sustained profits” Satisfied with the submissions of Kyari , the Committee through its Chairman, Senator Dankwabo said , responses submitted to the queries shall be thoroughly studied for final decision on the audit report .

Dankwabo said, ” we shall interrogate the figures submitted by the former GMD to know whether to Invite him again or not . ” For now , he has responded to the two issues relating to his leadership of NNPC during the period under review.”