NIGERIA · OIL & GAS
On Tuesday 10 November 2026, Mele Kyari, the former boss of Nigeria’s state oil company, told senators that no money was lost from the company’s accounts. He faced a Senate committee over disputed audit entries totalling 210 trillion naira (N210 trillion, about US$156 billion), according to Nigerian news outlets The Star and News Central TV on 10 November 2026.
NNPC Ltd, formally the Nigerian National Petroleum Company Limited, is the state firm at the centre of Nigeria’s oil industry. Kyari said no funds were lost during his time in office, which The Star reported as 2019 to 2025; see also our report on the company’s latest profit.
Premium Times, a Nigerian newspaper, reported in June 2026 that the row over the figures emerged in June 2025. All naira figures here use about N1,348 per US$, the market rate on 10 November 2026.
Key Facts
- Who Mele Kyari, who ran NNPC Ltd, Nigeria’s state oil company, from 2019 to 2025, appeared before senators.
- What The disputed audit queries total N210 trillion (about US$156 billion) and cover 2017 to 2023.
- His position Kyari says the entries are accounting matters and that no money was lost.
- When Tuesday 10 November 2026, before the Senate Committee on Public Accounts, the panel that scrutinises federal spending.
- Next The committee will study his figures to decide whether to invite him again.
What Happened at the Senate Hearing
Kyari appeared on Tuesday 10 November 2026 before the Senate Committee on Public Accounts, chaired by Senator Ibrahim Dankwambo, The Star and News Central TV reported on 10 November 2026. The committee is the Senate panel that scrutinises federal spending, and the row over the figures emerged in June 2025, according to Premium Times.
Kyari told the committee: “I wish to confirm that nothing was lost.” The Star quoted him on 10 November 2026 as adding that the matter “relates to accounting entries, which have nothing to do with any financial loss.”
The Star reported that Kyari said he had explained the disputed entries in a written submission. News Central TV, also on 10 November 2026, reported that he described the discrepancies as accounting-entry issues.
Dankwambo said members would “interrogate the figures submitted” by Kyari to decide whether to invite him again, according to The Star on 10 November 2026. For now, he said, Kyari had responded to the two issues relating to his leadership.
What the N210 Trillion Figure Means
The Star and News Central TV reported on 10 November 2026 that N210 trillion (about US$156 billion) is the total of disputed audit queries in NNPC’s records for 2017 to 2023. The queries came in reports forwarded by the Office of the Auditor-General of the Federation, Nigeria’s public-spending auditor.
An audit query is an auditor’s question about an entry that needs an explanation. Kyari’s position, as The Star reported on 10 November 2026, is that these entries reflect accounting treatment and not lost money.
The Renaming and Incorporation Costs
Kyari rejected reports that N5 billion (about US$3.7 million) was spent on renaming the company NNPC Limited after the 2021 Petroleum Industry Act, the law that reorganised Nigeria’s oil sector. The Star and News Central TV both reported this on 10 November 2026.
News Central TV added that the National Assembly carried out the renaming and that no money was paid. The Star reported that NNPC first paid about N2.99 billion (about US$2.2 million) on behalf of the federal government for incorporation services.
According to The Star, that cost was later moved to the government’s revenue account. The committee chairman said members would study the figures before deciding on any next step.
Why It Matters
NNPC Ltd is Nigeria’s state oil company, and the sum in dispute, about US$156 billion, is the figure at the centre of this audit row. Until the committee reports, it remains a total of disputed queries, not an established loss.
How the Row Got Here
Premium Times reported on 11 June 2026 that the committee threatened Kyari with arrest on Wednesday 10 June 2026 after he failed to honour several invitations. The Senate withdrew the threat by a voice vote on Thursday 11 June 2026, and directed that no committee issue such a directive without the Senate President’s approval.
News Central TV reported on 10 November 2026 that the committee accepted Kyari’s apology for missing earlier sittings. Its report quotes the chairman as saying the committee “will look at the figures.”
What to Watch Next
The committee will examine the figures Kyari submitted before deciding whether to call him again, according to The Star on 10 November 2026. No date for a further hearing has been reported.
Earlier we covered the plan to sell a stake in NNPC Ltd and the push for a stock market listing. Our Nigeria coverage follows the story.
What Is Not Known
It is not known whether the committee will invite Kyari again. The reports do not say whether the Auditor-General has completed a forensic audit.
What the committee’s final report will conclude is also unknown. Until it publishes, the N210 trillion figure remains a total of disputed queries, not an established loss.
More: Nigeria news in English, every day from The Rio Times.
Frequently Asked Questions
What is the N210 trillion figure about?
It is the total of disputed audit queries in NNPC’s records for 2017 to 2023, about US$156 billion at N1,348 per US$. Kyari told senators on 10 November 2026 that it reflects accounting entries, not lost money.
Who is Mele Kyari?
He is the former Group Chief Executive of NNPC Ltd, Nigeria’s state oil company, whose tenure ran from 2019 to 2025, according to The Star.
Will Kyari be called back to the Senate?
That is undecided. Committee chairman Ibrahim Dankwambo said members will first examine his submitted figures.
Sources: The Star, No N210trn missing from NNPC accounts: Kyari (10 Nov 2026); News Central TV, Kyari Denies 210 Trillion NNPCL Missing Funds Allegation (10 Nov 2026); Premium Times, Missing N210trn: Senate overrules panel, withdraws arrest threat against ex-NNPC MD, Mele Kyari (11 Jun 2026).
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