Transparency International (TI) Nigeria, has backed the call for the probe of Nigerian National Petroleum Company Limited (NNPCL).
The Head of TI and Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani, made the call while speaking on the sidelines of the Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington, D.C.
He said a thorough probe of the NNPCL’s operations was critical to promoting transparency, enhancing accountability, and ensuring that revenues from the oil sector are properly managed for the benefit of Nigerians.
Rafsanjani noted: “It is a welcome development to have an audit of NNPCL,” Rafsanjani stated. 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.”
Rafsajani in a statement issued Monday emphasised that the audit must go beyond finances to cover all key aspects of NNPCL’s operations.
He explained that while financial audits assess records and transactions to ensure compliance with regulatory standards and verify the accuracy of reports submitted to bodies like the Nigeria Extractive Industries Transparency Initiative (NEITI), physical audits verify the existence and state of assets such as pipelines and oil wells.
Rafsajani added that process audits, on the other hand, examine internal controls and operational procedures to ensure efficiency, transparency, and adherence to global standards.
Despite the enactment of the Petroleum Industry Act and Nigeria’s ongoing membership in the Extractive Industries Transparency Initiative (EITI), Rafsanjani warned that the oil and gas sector continues to be plagued by inefficiency, mismanagement, and lack of professionalism.
He said: “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,” said Rafsanjani, who also serves as Chairman of the Board of Trustees of Amnesty International Nigeria.
“For NNPCL to function as a genuine commercial entity, free from political interference, the President must relinquish the role of Petroleum Minister.
“This will enable the company to operate independently and be subject to proper oversight from both the Presidency and the National Assembly. Otherwise, it risks continuing as a political spending tool rather than a strategic economic asset.”