Wale Edun, Nigeria’s Finance Minister, has stated that a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) is essential to uncover the company’s operational activities over the past years.
Edun, who was speaking at the Nigerian Investor Forum, which is being held on the sidelines of the IMF/World Bank spring meetings in Washington, DC, said that the recent rejigging of the management of the NNPCL is part of the cleansing the federal government has undertaken to audit the company.
Addressing a group of investors drawn from renowned global financial institutions, including J.P. Morgan, the minister highlighted critical reforms the federal government has implemented to reset the economy and restore confidence.
This comes as Edun told foreign investors that the Nigerian government, through its veracious reforms, has laid the foundation that would make the country the desired destination for private investors.
He further stressed that Nigeria is on the road to 7 percent annual growth, calling for investments in infrastructure, manufacturing, and agriculture.
“There’s a forensic audit of NNPCL 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 NNPCL. 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 NNPCL 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,” he said.
Recall that President Bola Ahmed Tinubu on Wednesday, April 2, 2025, sacked Mele Kyari and Chairman Chief Pius Akinyelure as NNPCL group chief executive officer and chairman, respectively.
Tinubu replaced them with Bayo Ojulari and Ahmadu Musa Kida.
