Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that a forensic audit of the Nigerian National Petroleum Company (NNPC) Limited is currently in progress.
Speaking at the Nigerian Investor Forum, which took place alongside the International Monetary Fund (IMF) and World Bank spring meetings in Washington, D.C., Edun highlighted the significance of this audit.
In December 2024, federal government auditors investigated NNPC’s claim for a N2.7 trillion subsidy refund. Additionally, a report released in January by the auditor-general revealed financial irregularities within NNPC.
On April 2, President Bola Tinubu restructured the board of NNPC, appointing Bayo Ojulari as the new Group Chief Executive Officer (GCEO) to succeed Meld Kyari, while Ahmadu Musa Kida was appointed as the non-executive chairman, replacing Pius Akinyelure.
Following these changes, NNPC announced an eight-member senior management team on April 4. In his new role, Ojulari expressed ambitions to attract $60 billion in sectoral investments by 2030. He also outlined plans to boost crude oil production to over two million barrels per day by 2027 and three million barrels per day by 2030, aiming to increase refining output to 200 thousand barrels per day by 2027 and 500 thousand barrels per day by 2030.
