Mele Kyari, former chief of the Nigerian National Petroleum Company, has told the Senate that the controversial N210 trillion reflected in financial records was not missing. Rather, he said the amount represented accounting entries unrelated to any financial loss.

Mr Kyari clarified on Tuesday when he appeared before the Senate Public Accounts Committee investigating NNPC’s audited financial statements and financial operations for 2021, 2022 and 2023.

The committee, chaired by Ibrahim Dankwambo, resolved to invoke its constitutional powers to compel Mr Kyari’s appearance after his alleged failure to honour previous invitations.

Appearing before the committee with his legal team, Mr Kyari explained that the N210 trillion, which had raised public concerns, arose from accounting entries and bookkeeping issues rather than any financial loss.

He insisted that no money was lost under his leadership of the national oil company, adding that the necessary explanations were in his written response to the committee’s report, which he formally submitted.

Mr Kyari said two major issues required his specific clarification, namely the N210 trillion reflected in the financial records and payments relating to the registration and incorporation of NNPC.

Addressing the second issue, Mr Kyari explained that it concerned payments made to the Nigeria Revenue Service (NRS), Corporate Affairs Commission (CAC) and other relevant institutions during the incorporation of NNPC.

He said the matter bordered on determining responsibility for the payments, noting that the Petroleum Industry Act (PIA) provided that the company’s owners should undertake its incorporation.

Mr Kyari further said NNPC’s ownership structure at the time of incorporation differed from its current arrangement, adding that NRS had clarified the company now belonged to the federation.

Mr Kyari said the federation was responsible for the incorporation payments, but NNPC made them on its behalf and later charged the expenses to the federation’s revenue. He also apologised to committee members for missing previous investigative hearings, attributing his absence to medical and family-related circumstances.

“I sincerely regret that I was unable to be with you during those hearings. My absence was unavoidable because I was medically indisposed and also had some family-related medical issues,” he said.

(NAN)