The Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC) and Head of Transparency International (TI) Nigeria, Comrade Auwal Musa Rafsanjani, has voiced strong support for a thorough investigation into the Nigerian National Petroleum Company Limited (NNPCL), calling for a comprehensive audit that goes beyond financial scrutiny.
Rafsanjani made this call during an interview with 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.
According to him, the proposed probe should not be limited to financial audits alone, but should also encompass physical and process audits. He emphasized that such a holistic approach is essential to identifying systemic flaws in the operations of NNPCL and promoting genuine reform in Nigeria’s oil and gas sector.
“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 explained that while financial audits verify the accuracy of financial reports and ensure compliance with standards, physical audits assess the state of infrastructure such as pipelines and oil wells, while process audits evaluate internal operations to promote efficiency and transparency.
Despite the passage of the Petroleum Industry Act and Nigeria’s membership in the Extractive Industries Transparency Initiative (EITI), Rafsanjani lamented the persistent inefficiencies, mismanagement, and lack of professionalism in the oil sector.
“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 stated.
Rafsanjani also advised that the President should no longer serve as Minister of Petroleum Resources to ensure effective oversight and reduce political interference in NNPCL’s operations.
“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,” he noted.
He acknowledged former NNPCL Group CEO Mele Kyari’s effort in publishing the company’s first audited financial statements in 43 years back in 2019, revealing a loss of N803.9 billion in 2018—a move widely applauded as a step toward transparency.
Rafsanjani also recalled the 2014 audit commissioned by former CBN Governor Sanusi Lamido Sanusi, which highlighted significant financial discrepancies in the then-NNPC. Despite the weight of its findings, the report was shelved by the National Assembly, a decision he described as regrettable.
He expressed optimism that the current momentum for a comprehensive audit of NNPCL would not be wasted and called on stakeholders to treat the issue with the seriousness it deserves.
The call was officially signed by Comrade Auwal Musa Rafsanjani, Executive Director of CISLAC and Head of Transparency International Nigeria.