Probe of NNPCL Account Books through Forensic Audit Underway, Confirms Wale Edun

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

Edun made this known during a high-level engagement at the Nigerian Investor Forum, held on the sidelines of the 2025 International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, D.C.

According to the minister, the audit is a critical step in the federal government’s broader agenda to promote transparency, accountability, and reform within the country’s oil and gas sector.

“This forensic audit is aimed at uncovering inefficiencies, eliminating leakages, and ensuring that every dollar generated from Nigeria’s oil wealth is properly accounted for,” Edun stated, adding, “It is part of our ongoing efforts to rebuild trust and attract credible investment into the sector.”

The audit follows a series of high-profile investigations into NNPC’s financial operations, including a probe into N2.7 trillion in fuel subsidy claims announced in December 2024.

In January 2025, the Office of the Auditor-General also flagged several financial infractions and irregularities within the state-owned oil company.

In a related move, President Bola Tinubu recently approved sweeping changes in the leadership of NNPC. Former Shell Nigeria MD, Bayo Ojulari, was appointed as the new Group Chief Executive Officer (GCEO), replacing Mele Kyari. Ahmadu Musa Kida also succeeded Pius Akinyelure as the non-executive chairman of the board.

Ojulari has since laid out ambitious plans to reposition NNPC as a competitive global energy player, with targets including the attraction of $60 billion in investments by 2030 and increasing Nigeria’s crude oil production to over two million barrels per day by 2027.

Stakeholders have welcomed the audit, noting that greater accountability within NNPC could unlock significant economic gains and restore investor confidence in Nigeria’s petroleum sector.

The government has not yet provided a timeline for the audit’s completion, but Edun assured that findings will be made public and that any wrongdoing uncovered will be addressed in line with the law.

“This is not a witch-hunt,” Edun emphasized. “It is a reset a necessary one toward a more efficient, transparent, and productive oil and gas industry.”

As Nigeria looks to wean itself off oil dependency and diversify its economy, reforming NNPC and improving governance in the extractive sector are seen as pivotal moves toward long-term fiscal sustainability.