A forensic audit of the Nigerian National Petroleum Company (NNPC) Limited is now in progress, according to Wale Edu, the Minister of Finance and Coordinating Minister of the Economy.
On the fringes of the World Bank and International Monetary Fund (IMF) spring meetings in Washington, DC, USA, Edun gave a speech on Tuesday at the Nigerian Investor Forum.
Federal auditors looked into NNPC’s N2.7 trillion subsidy repayment claim in December 2024.
Additionally, NNPC was accused of financial violations in a report released by the auditor general in January.
President Bola Tinubu reorganized the NNPC board on April 2.
Meld Kyari was replaced by Bayo Ojulari as NNPC’s group chief executive officer (GCEO), while Ahmadu Musa Kida was appointed as NNPC’s non-executive chairman in place of Pius Akinyelure.
On April 4, NNPC subsequently announced the hiring of a senior management team consisting of eight members.
Ojulari stated after his appointment that his administration aims to bring in $60 billion in sectoral investments by 2030.
In addition, he stated that he intends to increase crude oil production to more than two million barrels per day (bpd) by 2027 and three million bpd by 2030. He also aims to increase refining output to 200 thousand barrels per day (kbpd) by 2027 and 500 kbpd by 2030.