Maryam Aminu
The Head of Transparency International (TI) Nigeria and Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), Comrade Auwal Musa Rafsanjani, has voiced strong support for a full-scale investigation into the operations of the Nigerian National Petroleum Company Limited (NNPCL).
Speaking to Channels Television on the sidelines of the Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington, D.C., Rafsanjani emphasized that a thorough audit of the NNPCL is essential for promoting transparency, enhancing accountability, and ensuring that oil revenues are properly managed for the benefit of Nigerians.
“It is a welcome development to have an audit of NNPCL,” Rafsanjani said. “However, we are advocating not just for a financial audit, but also for physical and process audits. Only a comprehensive, multi-layered review can uncover systemic weaknesses and chart a course for genuine reform and revitalization of Nigeria’s oil and gas sector.”
He stressed that an effective audit must go beyond financial records to include verification of physical assets, such as pipelines and oil wells, and a review of internal processes to ensure operational efficiency and transparency in line with global best practices.
Despite reforms introduced under the Petroleum Industry Act and Nigeria’s participation in the Extractive Industries Transparency Initiative (EITI), Rafsanjani warned that the sector remains marred by inefficiency, mismanagement, and poor professionalism.
“There is no way we can continue like this. If we are serious about liberating the Nigerian economy, the oil and gas sector must be reformed and made truly productive for the people,” he said.
The anti-corruption advocate also called for structural changes at the ministerial level, recommending that the President relinquish the role of Minister of Petroleum Resources to ensure greater independence and oversight of NNPCL operations.
“For NNPCL to function as a genuine commercial entity, free from political interference, the President must relinquish the role of Petroleum Minister,” Rafsanjani said. “This will enable the company to operate independently and be subject to proper oversight from both the Presidency and the National Assembly.”
Rafsanjani acknowledged the strides made under former NNPCL Group Chief Executive Officer Mele Kyari, particularly the historic release of the company’s first audited financial statements in 43 years. The 2018 report revealed losses of N803.9 billion (approximately $2.2 billion) and marked an important step toward greater transparency.
He also recalled a previous audit initiated during the tenure of former Central Bank Governor Sanusi Lamido Sanusi, which exposed major financial discrepancies at the then-NNPC. Unfortunately, Rafsanjani noted, those findings were dismissed by the National Assembly at the time.
Expressing hope for the current push for a full-scale audit, Rafsanjani urged that it be taken seriously and not disregarded, warning that genuine reform of the oil sector is vital for Nigeria’s economic future.
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