Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied that ₦210 trillion went missing from the company’s accounts, telling the Senate that the disputed figures were accounting entries and not evidence of financial losses under his leadership.

Kyari made the clarification on Tuesday, November 10, when he appeared before the Senate Committee on Public Accounts to answer questions about audit queries involving the national oil company’s financial statements covering 2017 to 2023.

“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 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 chief, who led the organisation from 2019 to 2025, submitted a written report to the committee in support of his defence.

At the centre of the investigation are two major figures identified in the company’s financial records: ₦103 trillion recorded as accrued expenses and ₦107 trillion listed as sundry receivables.

The committee has questioned whether the entries were adequately explained and supported by relevant documentation.

The ₦103 trillion figure has been linked to expenditure involving the company and its joint venture partners, while the ₦107 trillion represents money recorded as receivable from banks and other entities.

However, lawmakers have previously expressed dissatisfaction with the explanations provided by NNPCL, particularly over the absence of sufficiently detailed breakdowns showing how the figures were calculated and the parties responsible for the amounts.

Kyari challenged the suggestion that the combined figures represented missing public funds, maintaining that the controversy arose from how transactions were recorded and interpreted in the company’s financial statements.

He also addressed questions surrounding the payment for the registration and incorporation of NNPC Limited following the enactment of the Petroleum Industry Act in 2021.

According to him, the company initially made a payment of about ₦2.99 billion on behalf of the Federation before charging the amount to the government’s revenue account.

He said the transaction was a payment to government institutions responsible for providing the relevant services and should not be interpreted as money spent on changing the company’s name.

Kyari also rejected claims that ₦5 billion was spent on renaming the former Nigerian National Petroleum Corporation as NNPC Limited.

He argued that the change was effected by the National Assembly through the Petroleum Industry Act and that no money was paid for the renaming exercise.

The former oil executive used his appearance to defend the performance of his administration, saying the company had moved from years of losses to sustained profitability during his tenure.

He also pointed to the publication of the company’s financial statements, which he described as a major development in its transparency and accountability record.

The Senate investigation, however, predates Kyari’s appearance and has involved other former and current officials of the national oil company.

In March 202