Kyari Denies ₦210trn NNPCL Loss, Says Financial Records Were Misread

Former NNPCL Group Managing Director Mele Kyari has denied that ₦210 trillion went missing under his leadership. Appearing before the Senate Committee on Public Accounts, he said the figure came from a misreading of the company’s financial records. It comprises ₦103 trillion in accrued expenses and ₦107 trillion in sundry receivables, which the committee is examining as part of its review of NNPCL’s 2017–2023 audited statements. Kyari also disputed claims about payments to the Federal Inland Revenue Service and a reported ₦5 billion cost for changing the company’s name. He said the payments were statutory and that the National Assembly effected the name change without NNPCL paying for it. He maintained that no money was lost under his watch. The committee is considering 23 issues and may invite former officials and the Auditor-General for further clarification. Its investigation remains open.

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