Sanusi Demands NNPC Audit, Flays Retention Of Petroleum Minister Portfolio By President

Sanusi Lamido Sanusi, the former Governor of the Central Bank of Nigeria (CBN), has advocated for a comprehensive audit of the Nigerian National Petroleum Company Limited (NNPCL), asserting that it is inappropriate for a president to simultaneously serve as the minister of petroleum.

Sanusi expressed these views during The Bank Directors Summit at the Transcorp Hilton in Abuja.

The former CBN governor, who held the position from June 2009 to February 2014, emphasized his belief that the President should not hold the position of Minister of Petroleum.

He also called for the retention of the Asset Management Corporation of Nigeria (AMCON) and the Nigeria Deposit Insurance Corporation (NDIC) until banks collectively settle their outstanding debts to the system.

Sanusi underscored the need for the banking sector to address its trust deficit in the eyes of the public. He argued against amending the CBN Act to protect the apex bank from political influences.


Besides Sanusi flayed the policy of the president holding on to the minister of petroleum portfolio. reports that in August, President Bola Ahmed Tinubu, following a tradition set by his predecessor, ex-President Muhammadu Buhari, divided the Ministry of Petroleum Resources. While appointing Ekperipe Ekpo as Minister of State, Gas Resources, and Heineken Lokpobiri as Minister of State, Petroleum Resources, Tinubu retained the substantive position of Minister of Petroleum Resources for himself.

Meanwhile, the NNPC Limited reported signing two significant gas deals at COP28, covering a floating liquefied natural gas deal and a small-scale LNG deal in Dubai. The agreements, disclosed in a statement by Olufemi Soneye, Chief Corporate Communications Officer at NNPCL, encompass domestic and international markets, including an Agreement on a 421 tons per-day Small-Scale LNG Project in Ajaokuta and an MOU on Floating LNG.

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