The Senate has launched a far-reaching investigation into Nigeria’s oil and gas industry, summoning the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), major multinational and indigenous oil companies, regulatory agencies and more than 60 Ministries, Departments and Agencies (MDAs) over issues arising from the Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Industry Audit Reports for 2021, 2022 and 2023.
The investigation, to be conducted by the Senate Public Accounts Committee chaired by Senator Ibrahim Hassan Dankwambo, is expected to scrutinise oil sector revenues, remittances, statutory obligations and operational activities as lawmakers intensify efforts to determine compliance with financial accountability laws governing Nigeria’s extractive industry.
According to a statement issued by the committee, the hearings are backed by Sections 88, 89 and 85(5) of the 1999 Constitution (as amended), as well as Order 95(5)(d) of the Senate Standing Orders, 2026.
The committee said the NEITI audit reports submitted to the National Assembly contain detailed findings on revenues, payments, remittances and other financial obligations of government agencies and operators in the oil and gas industry.
It explained that the investigation would assess compliance by MDAs, government-owned enterprises, regulators and oil companies with the Constitution, the NEITI Act, the Fiscal Responsibility Act, Financial Regulations and other applicable laws.
The public hearings are scheduled to commence on August 3 at the National Assembly Complex in Abuja.
On the opening day, the committee will hear from the Nigeria Extractive Industries Transparency Initiative (NEITI), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Central Bank of Nigeria (CBN) and the Niger Delta Development Commission (NDDC).
The Office of the National Security Adviser, the Nigerian Investment Promotion Commission (NIPC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) are scheduled to appear on August 4.
The Nigerian National Petroleum Company Limited (NNPCL), the Joint Development Authority and the Ministry of National Planning will appear on August 5, while the Nigeria Revenue Service, the Office of the Accountant-General of the Federation, the Office of the Auditor-General for the Federation and the Ministry of Petroleum Resources have been slated for August 6.
Further hearings will involve the Office of the Surveyor-General of the Federation, the Federation Account Allocation Committee (FAAC) and the Federal Ministry of Finance before the committee begins sessions with leading oil producers.
Those invited include Seplat Energy, Aradel Energy, Famfa Oil, TotalEnergies EP Nigeria, Oando, Chevron Nigeria, CNOOC Exploration and Production Nigeria Limited, Conoil Producing, Mobil Producing Nigeria Unlimited, Esso Exploration and Production Nigeria, Shell Nigeria Exploration and Production Company, Aiteo Eastern E&P, Midwestern Oil and Gas, Pan Ocean, ND Western, Platform Petroleum, Neconde Energy and several other operators.
The committee directed all organisations to appear through their chief accounting officers and relevant technical officials and to present documents relating to the issues contained in the audit reports.
It warned that requests for adjournment or rescheduling would only be granted in exceptional circumstances with prior approval of the committee.
The hearings are expected to focus on issues arising from the NEITI audit reports, including revenue remittances, compliance with statutory financial obligations and other financial matters identified in the reports.
The exercise marks one of the Senate’s broadest oversight investigations of the petroleum industry in recent years and comes amid growing legislative efforts to strengthen accountability in the management of Nigeria’s oil and gas revenues.
