The Minister of Finance and Coordinating Minister of the Economy, Wale Edu, has disclosed that a forensic audit of the Nigerian National Petroleum Company (NNPC) Limited is underway.
Edun spoke on Tuesday during the Nigerian Investor Forum, held on the sidelines of the International Monetary Fund (IMF) and World Bank spring meetings in Washington DC, United States.
In December 2024, the federal government auditors probed NNPC’s N2.7 trillion subsidy refund claim.
Also, in January, a report by the auditor-general had indicted NNPC of financial infractions.
On April 2, President Bola Tinubu made changes to the board of NNPC.
Tinubu appointed Bayo Ojulari, NNPC’s group chief executive officer (GCEO), to replace Meld Kyari, while Ahmadu Musa Kida was named NNPC’s non-executive chairman, replacing Pius Akinyelure.
Subsequently, NNPC, on April 4, announced the appointment of an eight-member senior management team.
Following his appointment, Ojulari said his administration plans to attract sectoral investments worth $60 billion by 2030.
He also said he plans to raise crude oil production to over two million barrels per day (bpd), sustained to 2027 and three million bpd by 2030, targeting an uptick in refining output to 200 thousand barrels per day (kbpd) by 2027, and 500 kbpd by 2030.
Discussion about this post