Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied allegations that ₦210 trillion was missing or unaccounted for in the company’s financial records, insisting that the disputed amount resulted from accounting entries rather than financial losses.
Kyari made the clarification on Tuesday, November 10, 2026, when he appeared before the Senate Public Accounts Committee (SPAC) to respond to questions concerning the company’s audited financial statements and transactions covering 2017 to 2023.
The controversy centres on two major entries in NNPCL’s financial records: ₦103 trillion recorded as accrued expenses and ₦107 trillion classified as sundry receivables, bringing the combined amount to ₦210 trillion.
According to a November 10 report by BusinessDay, NNPCL had previously explained that the ₦103 trillion represented cumulative expenditure incurred by joint venture partners under the joint venture cash call arrangement, while the ₦107 trillion represented outstanding amounts allegedly owed to the company by banks and other entities.
However, lawmakers have questioned the explanations, demanding detailed breakdowns, supporting documents and identification of the parties involved in the transactions.
Defending his tenure before the committee, Kyari maintained that the disputed figures had been misconstrued as missing funds because of a misunderstanding of accounting classifications.
He insisted that no money was lost under his leadership, describing the figures as bookkeeping entries that required proper interpretation.
The former NNPCL chief also submitted a written report to the committee explaining the transactions and responding to the issues raised against his administration.
However, the Senate has indicated that his submission will not automatically bring the investigation to an end.
Committee Chairman, Senator Ibrahim Dankwambo, said lawmakers would examine Kyari’s explanations alongside submissions from other former NNPCL officials before determining the next steps.
According to The Guardian’s November 11 report, Dankwambo stressed that the decision to allow Kyari to leave after his appearance did not amount to exoneration or termination of the investigation.
The committee’s concerns extend beyond the ₦210 trillion entries to other aspects of NNPCL’s financial management, including production costs deducted from crude oil proceeds and expenditure associated with the transition from the former Nigerian National Petroleum Corporation to NNPCL Limited.
Kyari also defended payments associated with the company’s incorporation, arguing that the relevant statutory payments were made on behalf of the Federation and subsequently charged to Federation revenue.
The Senate’s investigation follows concerns raised in audit reports submitted to the National Assembly by the Office of the Auditor-General for the Federation.
The committee has maintained that the company must provide satisfactory explanations for the disputed transactions, particularly the supporting records behind the substantial receivables and accrued expenses.
The outcome of the investigation will determine whether the disputed figures reflect legitimate accounting obligations, inadequately documented transactions or financial irregularities requiring further action.
For now, neither the Senate nor the audit investigation has established that ₦210 trillion was stolen or lost. However, Kyari’s denial has not resolved the outstanding questions about how the figures were generated and recorded in NNPCL’s accounts.
