N210 trillion not lacking in NNPCL – Mele Kyari

The quick previous Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, refuted Tuesday alleged unaccounted N210trillion within the steadiness sheet of the National oil firm as contained within the 2017 to 2023 Audit report .

Mele Kyari who made the rebuttal to the Senate Committee on Public Accounts declared that no such monetary infraction occurred beneath him as Chief Executive of NNPCL from 2019 to 2025.

He mentioned the alleged unaccounted figures arose from accounting entries which don’t have anything to do with monetary loss.

“I want to verify that nothing was misplaced. It is just not attainable that such an quantity may have been misplaced beneath my care and management.

“The matter pertains to accounting entries, which don’t have anything to do with any monetary loss.

“They are bookkeeping issues, and I believe the appropriate explanations have been provided in my report”, he mentioned.

He additionally declared that the N5billion allegedly spent on change of identify from NNPC to NNPCL was unfaithful as there was no spending like that beneath his watch simply as he refuted queries raised within the audit report on registration and incorporation of NNPC Ltd.

He mentioned: “At the time of incorporation, the corporate was not owned by the Federation in the identical method.

“The Federation was due to this fact accountable for the cost referring to the incorporation of NNPC.

“However, NNPC made the cost on behalf of the Federation and subsequently charged it to the Federation’s income, which was mirrored in what we known as the previous NAPIMS account of NNPC.

“This was merely an accounting entry, involving roughly N2.99 billion.

“It was a cost made to authorities establishments accountable for offering the related companies.

“I have also seen comments suggesting that N5 billion was paid for the naming of the company. That is not correct”.

He added by informing the Senator Ibrahim Dankwabo led committee that NNPCL beneath him was reworked from loss incurring company to a revenue making firm.

According to him , earlier than his assumption of workplace as Group Managing Director of NNPC in 2019 , the nationwide oil firm had an enormous lack of $803billion in 2018 operational yr , which regularly turned to o revenue making beneath him from 2019 .

“Mr Chairman, it’s possible you’ll remember from the monetary data that the corporate recorded a lack of about $803billion in 2018.

“I took over in 2019, and we did everything possible to transform the company into a profitable organisation which made it to for the first time in its 44 years of existence, recording sustained profits,” he mentioned.

Satisfied with the submissions of Kyari, the Committee by way of its Chairman mentioned, responses submitted to the queries shall be completely studied for remaining determination on the audit report.

“We shall interrogate the figures submitted by the previous GMD to know whether or not to Invite him once more or not.

“For now , he has responded to the two issues relating to his leadership of NNPC during the period under review,” he mentioned.