By George Mgbeleke
\nFormer Group Managing Director and Chief Executive Officer ( GCEO) of the Nigerian National Petroleum Company Limited ( NNPCL), Mele Kyari refuted Tuesday alleged unaccounted N210trillion in the balance sheet of the National oil company as contained in the 2017 to 2023 Audit report .<\/p>\n
Mele Kyari who made the rebuttal to the Senate Committee on Public Accounts declared that no such financial infraction happened under him as Chief Executive of NNPCL from 2019 to 2025 .<\/p>\n
He said the alleged unaccounted figures arose from accounting entries which have nothing to do with financial loss .<\/p>\n
“I wish to confirm that nothing was lost. It is simply not possible that such an amount could have been lost under my care and leadership.<\/p>\n
“The matter relates to accounting entries, which have nothing to do with any financial loss.<\/p>\n
“They are bookkeeping issues, and I believe the appropriate explanations have been provided in my report”, he said .<\/p>\n
He also declared that the N5billion allegedly spent on change of name from NNPC to NNPCL , waa untrue as there was no spending like that under his watch just as he refuted queries raised in the audit report on registration and incorporation of NNPC Ltd.<\/p>\n
He said : ” At the time of incorporation, the company was not owned by the Federation in the same manner.<\/p>\n
“The Federation was therefore responsible for the payment relating to the incorporation of NNPC.<\/p>\n
“However, NNPC made the payment on behalf of the Federation and subsequently charged it to the Federation’s revenue, which was reflected in what we referred to as the former NAPIMS account of NNPC.<\/p>\n
“This was simply an accounting entry, involving approximately N2.99 billion.<\/p>\n
“It was a payment made to government institutions responsible for providing the relevant services.<\/p>\n
“I have also seen comments suggesting that N5 billion was paid for the naming of the company. That is not correct”.<\/p>\n
He added by informing the Senator Ibrahim Dankwabo led committee that NNPCL under him was transformed from loss incurring corporation to a profit making company .<\/p>\n
According to him , before his assumption of office as Group Managing Director of NNPC in 2019 , the national oil company had a huge loss of $803billion in 2018 operational year , which gradually turned to o profit making under him from 2019 .<\/p>\n
” Mr Chairman, you may be aware from the financial records that the company recorded a loss of about $803billion in 2018.<\/p>\n
“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”<\/p>\n
Satisfied with the submissions of Kyari , the Committee through its Chairman said , , responses submitted to the queries shall be thoroughly studied for final decision on the audit report .<\/p>\n
” We shall interrogate the figures submitted by the former GMD to know whether to Invite him again or not .<\/p>\n
” For now , he has responded to the two issues relating to his leadership of NNPC during the period under review “, he said .<\/p>\n","protected":false},"excerpt":{"rendered":"
By George Mgbeleke Former Group Managing Director and Chief Executive Officer ( GCEO) of the Nigerian National Petroleum Company Limited ( NNPCL), Mele Kyari refuted Tuesday alleged unaccounted N210trillion in the balance sheet of the National oil company as contained in the 2017 to 2023 Audit report . Mele Kyari who made the rebuttal to […]<\/p>\n","protected":false},"author":2,"featured_media":19689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-19687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-gas"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/19687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=19687"}],"version-history":[{"count":1,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/19687\/revisions"}],"predecessor-version":[{"id":19688,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/19687\/revisions\/19688"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/19689"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=19687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=19687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=19687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}