By Adewunmi Oluwaseun
The Federal Government has launched a sweeping forensic audit into the operations of the Nigerian National Petroleum Company (NNPC), Limited, Finance Minister and Coordinating Minister of the Economy, Wale Edun, revealed on Tuesday.
Speaking at the Nigerian Investor Forum in Washington DC, on the sidelines of the IMF and World Bank spring meetings, Edun told global investors that the probe is part of President Bola Tinubu’s wider push for transparency and reform in the oil sector.
“There is a forensic audit of NNPC underway so that we can really understand what has happened in the past,” Edun said, responding to inquiries about arrears claimed by the state-owned oil firm. “A reconciliation process is also ongoing.”
The minister underscored the need for the NNPC to increase crude oil output and boost dollar revenues, stating that the firm has been mandated to deliver more to the federation account.
Edun’s disclosure follows mounting pressure on the government to open NNPC’s books, especially after allegations of un-remitted funds and questionable subsidy claims under the former management led by Mele Kyari.
Last year, a report by the Nigeria Extractive Industries Transparency Initiative (NEITI) accused the NNPC of failing to remit $2 billion to the federal purse—an allegation the company has denied. In December 2024, auditors also queried the firm’s N2.7 trillion fuel subsidy claim.
The Tinubu administration has since shaken up NNPC’s leadership. On April 2, the president appointed Bayo Ojulari as Group Chief Executive Officer, replacing Kyari, and Ahmadu Musa Kida as non-executive chairman. Days later, the company unveiled a new eight-member senior management team.
Ojulari has since pledged to ramp up oil production to over two million barrels per day by 2027 and attract sixty billion dollars in sector investments by 2030.
With the forensic audit now in motion, all eyes are on the new leadership to clean up the books, restore investor confidence, and chart a more accountable path for Nigeria’s oil giant.
