Group Hails Kyari, Lists 16 Lessons For Nigerians From His Senate Defence



ABUJA — A group under the banner of Oil & Gas Sector Transparency Promoters has hailed the 19th GMD of the Nigerian National Petroleum Corporation and Pioneer Group CEO NNPC Limited, Mallam Mele Kyari, for his appearance before the Senate, saying he provided clarity on the controversial ₦210 trillion figure.

The group made this known in a Media Statement in Abuja on Thursday, two days after Kyari appeared before the Senate Committee on Public Accounts chaired by Senator Ibrahim Dankwambo.

Its Convener, Mallam Abdullahi Sabiu, said Kyari’s appearance on Tuesday, November 10, 2026, showed that no ₦210 trillion was lost under his watch.

“His message was clear: no ₦210 trillion was lost. What some people are calling missing funds are accounting entries that have been misconstrued as losses,” Sabiu said.

According to the group, Kyari told the Senate: “I wish to confirm that nothing was lost. It is simply not possible under my care and under my leadership for that to happen.”

The group listed 16 lessons for Nigerians from his defence:

*1.* The ₦210 trillion comprises two entries — ₦103 trillion in accrued expenses and ₦107 trillion in sundry receivables — which are accounting classifications, not cash that disappeared.

*2.* The accrued expenses relate to expenditure by joint venture partners under cash-call arrangements, while the receivables represent amounts allegedly owed by banks and other entities.

*3.* The Senate is examining records from 2017 to 2023, while Kyari served from 2019 to 2025, meaning part of the period predates him.

*4.* No ₦5 billion was spent to change NNPC’s name from Nigerian National Petroleum Corporation to Nigerian National Petroleum Company Limited. The group said the change was a statutory requirement under the Petroleum Industry Act (PIA).

5. NNPC was named by the National Assembly, so no kobo was needed to pay to register that name. The company was named by the National Assembly in the appropriate section of the PIA.

6. The ₦2.99 billion in question was for incorporation and registration of the new company — statutory payments to the Corporate Affairs Commission and tax authorities, made on behalf of the Federation.

7. Kyari repositioned NNPC as a commercially viable company that recorded sustained profits for the first time in its 44-year history, the group said.

8. He took the unprecedented decision to publish the company’s financial statements, making its financial records publicly accessible for the first time in its 43-year history.

9. The reforms also took place within the broader transformation of Nigeria’s petroleum industry following the enactment of the Petroleum Industry Act and further galvanized by Mr President’s policy interventions. The group said Kyari worked to implement the policy decisions of the Federal Government and the National Assembly, including the transition towards a market-based petroleum products regime.

10. Kyari appeared with his legal team led by Prof. Sam Erugo, SAN, and apologised for missing earlier invitations, citing medical and family reasons. The apology was accepted by the chairman.

11. Senator Dankwambo disclosed that of the 23 issues in the audit queries, only one or two directly concern Kyari.

12. The committee accepted Kyari’s submissions and discharged him from that sitting.

13. The ultimate test, the group said, remains whether the documents and reconciliations address the outstanding audit queries.

14. Kyari appreciated the opportunity provided by the Senate to present his explanations, respond to concerns raised in the audit report and place certain issues in their proper context.

15. He said: “I remain loyal to this country,” Kyari told the committee, according to the group.

16. He stressed thus: “I remain proud of the opportunity to have served NNPC and contributed to the transformation of an institution that is central to Nigeria’s economic development,” he added.

Sabiu urged Nigerians to await reconciliation of the figures rather than rely on headlines.

“₦210 trillion is a headline, not a loss. Let the documents speak, let the figures be reconciled, and let the facts decide,” he said.

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