ABUJA: Former Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has denied allegations that ₦210 trillion went unaccounted for during his tenure, insisting that the disputed figures resulted from a misinterpretation of the company’s financial statements.

Kyari made the clarification on Tuesday while appearing before the Senate Committee on Public Accounts, which is investigating queries raised by the Office of the Auditor-General of the Federation concerning NNPCL’s audited financial statements covering 2017 to 2023.

The disputed ₦210 trillion comprises ₦103 trillion recorded as accrued expenses and another ₦107 trillion listed as sundry receivables.

The Senate committee began investigating the figures in June 2025 and has repeatedly questioned the explanations provided by the national oil company, insisting that the financial entries must be properly clarified and accounted for.

However, Kyari maintained that no money was missing under his leadership, arguing that the controversy arose from the interpretation of the company’s financial records rather than any disappearance of public funds.

He told the lawmakers that the company had worked to implement decisions of the National Assembly, adding that its efforts contributed to sustaining investments and developing Nigeria’s downstream petroleum sector.

Expressing confidence in his record at the national oil company, Kyari said he had served the institution and the country with commitment.

“I am very proud that we have served this company in the best way possible. I remain loyal to this country and have done nothing deliberately for wrongdoing,” he said.

Addressing questions concerning payments made to the Federal Inland Revenue Service (FIRS), the former NNPCL chief explained that the transactions were related to registration purposes.

He described the discrepancies as issues arising from how the payments were recorded, insisting that the ₦2.9 billion under examination represented statutory payments.

Kyari also rejected allegations that NNPCL spent ₦5 billion on changing its name from the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited.

According to him, the name change was affected by the National Assembly, and the company did not spend money to carry out the exercise.

Following Kyari’s presentation, the chairman of the Senate Committee on Public Accounts disclosed that the panel was examining 23 issues relating to the company’s financial records, with only one or two directly concerning the former NNPCL chief.

The chairman said lawmakers would study the report submitted by Kyari and could invite relevant individuals, including the Auditor-General of the Federation, if further clarification became necessary.

“We accept your apologies for not appearing at the previous sittings and we will look at the figures,” the chairman said.

The committee subsequently excused Kyari after his appearance, while its investigation into the disputed financial entries remains ongoing.

The Senate Committee had summoned Kyari and other former NNPCL officials in March 2026 as part of its investigation into the company’s audited financial statements.

In June 2026, the committee ordered his arrest following his failure to appear before the panel.

The controversy centres on the accounting treatment of the ₦103 trillion in accrued expenses and ₦107 trillion in sundry receivables, which lawmakers have continued to demand explanations for.

Former NNPCL officials have maintained that the figures do not represent missing funds, arguing that the controversy stems from a misunderstanding of the company’s financial statements.

With the Senate investigation still ongoing, the committee is expected to examine the explanations provided by Kyari alongside the relevant financial records and responses from other officials.

The outcome of the investigation is expected to provide further clarification on the disputed ₦210 trillion entries and determine whether the accounting explanations adequately address the concerns raised by the Auditor-General.

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