JUST-In: Wale Edun confirms Forensic Audit of NNPC

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has announced that a forensic audit of the Nigerian National Petroleum Company (NNPC) Limited is currently ongoing.

Edun made this known on Tuesday while speaking at the Nigerian Investor Forum, which held on the sidelines of the International Monetary Fund (IMF) and World Bank spring meetings in Washington DC, United States.

Addressing a gathering of investors from top international financial institutions, including J.P. Morgan, the minister highlighted some key reforms the federal government has introduced to revive the economy and rebuild investor confidence.

He also touched on the recent changes in the NNPC’s leadership, describing it as part of efforts to reposition the company and improve oil production levels.

When asked about the arrears being claimed by NNPC, Edun explained that a reconciliation process is currently in progress.

According to him, “There’s a forensic audit of NNPC underway so that we can really understand what has happened in the past.

“As for now, there’s a reconciliation exercise going on.”

“Because the truth is, as we all know, the removal of the fuel subsidy was announced on May 29, 2023, but it took time to achieve.”

“Part of that burden shifted from the government’s budget to NNPC. So, they have a legitimate claim and they have some arrears that need to be given to them.

“But then it’s a two-sided thing.”

There’s a reconciliation underway. And the most important thing is that NNPC needs to come to the table with more oil production, more dollar revenue, and indeed, more revenue to the federation.”

“That’s the mandate they have been given and I think they will deliver.”

Edun’s disclosure comes as fresh calls have emerged for a detailed audit of NNPC’s operations during the tenure of former Group Chief Executive Officer, Mele Kyari.

Over the years, stakeholders have consistently raised concerns about the transparency of the company’s operations, particularly over oil-backed deals allegedly conducted in secrecy.

In its 2021 Oil and Gas Industry Report released in September 2023, the Nigeria Extractive Industries Transparency Initiative (NEITI) accused NNPC of failing to remit $2 billion in taxes to the federal government before it transitioned to a commercial entity, though the company denied the allegation.

Similarly, in December 2024, federal auditors began investigating NNPC’s N2.7 trillion subsidy refund claims, and by January, a report from the auditor-general accused the oil firm of financial irregularities.

In response to these concerns, President Bola Tinubu appointed Bayo Ojulari as NNPC’s new Group Chief Executive Officer to replace Kyari, while Ahmadu Musa Kida took over as the company’s non-executive chairman from Pius Akinyelure. The NNPC also announced a new eight-member senior management team on April 4.

Following his appointment, Ojulari revealed his administration’s plan to attract $60 billion worth of investments into the sector by 2030.

He also pledged to raise crude oil production to over two million barrels per day by 2027 and further increase it to three million barrels per day by 2030.