Former NNPCL CEO Mele Kyari Denies $3 Billion Allegation, Claims It’s a Campaign to Block Investments

Mele Kyari, the former Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Corporation Limited (NNPCL), has refuted allegations of misappropriating $3 billion intended for refinery repairs, labeling them as a deliberate attempt to undermine Nigeria's oil sector and deter international investments.

Kyari, who served the corporation for 34 years, expressed his concerns in a recent statement, asserting:

“I served NNPC for 34 years with the fear of God. This $3bn allegation is sponsored, to block international investments.”

The allegations stem from a report by the Auditor-General of the Federation, which indicated that NNPCL failed to account for over N825 billion and $2.5 billion allocated for refinery rehabilitation and repairs between 2020 and 2021 .

In response, Kyari criticized the timing and nature of the allegations, suggesting that they are politically motivated and aimed at destabilizing the oil sector. He emphasized his commitment to transparency and service, stating that his decades-long tenure was marked by integrity and dedication to Nigeria's energy sector.

The controversy has intensified following President Bola Tinubu's decision to remove Kyari and the NNPCL board in April 2025, appointing Engineer Bashir Bayo Ojulari as the new GCEO .

Kyari's supporters argue that his leadership was instrumental in transforming NNPCL into a more transparent and profitable entity, noting significant achievements during his tenure. However, critics contend that the alleged financial discrepancies warrant thorough investigation to ensure accountability in the management of public funds.

As the situation develops, stakeholders in Nigeria's oil and gas industry are closely monitoring the implications of these allegations on investor confidence and the future direction of the sector.