Former Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has dismissed allegations that ₦210 trillion is missing from the company’s financial records, insisting that no money was diverted or unaccounted for under his watch.

Kyari made the clarification while appearing before the Senate Committee on Public Accounts in Abuja to respond to queries arising from the company’s audited financial statements between 2017 and 2023.

He explained that the disputed figures represented accounting entries relating to accrued expenses and sundry receivables, rather than missing funds.

The former NNPCL boss disclosed that the ₦210 trillion comprised ₦103 trillion recorded as accrued expenses and ₦107 trillion listed as sundry receivables.

He maintained that the figures had been misunderstood and required proper reconciliation, adding that detailed explanations had been submitted to the committee.

Kyari also dismissed allegations that the company spent ₦5 billion on changing its name from the Nigerian National Petroleum Corporation to NNPC Limited.

He explained that the incorporation process involved approximately ₦2.99 billion in statutory payments to relevant government agencies, including the Federal Inland Revenue Service and the Corporate Affairs Commission.

According to him, the name change was already provided for under the Petroleum Industry Act, making a separate expenditure for the process unnecessary.

Defending his tenure, Kyari said his administration introduced reforms that improved the company’s financial performance, recalling that NNPCL recorded a loss of about ₦803 billion in 2018 before he assumed office in 2019.

Meanwhile, Chairman of the Senate Committee on Public Accounts, Senator Ibrahim Dankwambo, said the committee would examine the documents and explanations provided by the former NNPCL chief before determining the next line of action.

The committee’s investigation into the disputed financial entries is ongoing.