The Senate has commenced a comprehensive investigation into Nigeria’s oil and gas sector, summoning the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), major international and indigenous oil companies, and key government agencies to explain issues arising from the Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Industry Audit Reports for 2021, 2022 and 2023.

The Senate Public Accounts Committee, chaired by Senator Ibrahim Hassan Dankwambo, said the exercise aims to scrutinise revenues, remittances, statutory obligations and operational activities across the extractive industry to strengthen transparency, accountability and the prudent management of public resources.

In a statement on Thursday, Dankwambo said the investigation derives its authority from 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.

He explained that the NEITI audit reports, submitted to the National Assembly in line with the NEITI Act, contain extensive information on the operations of stakeholders in the oil and gas sector, including revenues, payments, remittances and other financial obligations.

According to him, the committee will assess the level of compliance by Ministries, Departments and Agencies (MDAs), government-owned enterprises, regulatory bodies and oil and gas operators with the Constitution, the NEITI Act, the Fiscal Responsibility Act, Financial Regulations and other applicable laws governing the extractive industry.

The committee, he added, will also examine issues highlighted in the audit reports with a view to blocking revenue leakages, improving revenue assurance and promoting greater transparency and accountability in the management of the nation’s petroleum resources.

According to the statement, “the public hearings will begin on August 3 at the National Assembly Complex, Abuja, with appearances by NEITI, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the CBN and the Niger Delta Development Commission (NDDC).

On August 4, 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 expected before the panel.”

“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 are scheduled for August 6.

“Other agencies expected before the committee include the Office of the Surveyor-General of the Federation, the Federation Account Allocation Committee (FAAC) and the Federal Ministry of Finance.”

The committee said it had also invited leading indigenous and multinational oil companies, including 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, Shell Nigeria Exploration and Production Company, Aiteo Eastern E&P, Midwestern Oil and Gas, Pan Ocean, ND Western, Platform Petroleum and Neconde Energy, among others.

Dankwambo directed all invited organisations to be represented by their chief accounting officers and relevant technical personnel familiar with the issues in the audit reports.

He also instructed them to appear with all relevant documents, warning that requests for postponement would be considered only in exceptional circumstances and with the committee’s prior approval.

The committee further invited memoranda from civil society organisations, host communities, professional bodies, development partners, industry experts and other stakeholders on issues arising from the audit reports.

According to Dankwambo, the exercise is expected to enable lawmakers to address longstanding concerns over revenue leakages, remittances and compliance with statutory financial obligations in the oil and gas industry.

He expressed confidence that the hearings would pave the way for legislative measures to strengthen governance in the extractive sector, improve government revenue and reinforce public confidence in the management of Nigeria’s petroleum resources.

The committee chairman said the wide range of regulators, revenue agencies and oil companies scheduled to appear underscored the Senate’s determination to ensure that all revenues due to the Federation are properly accounted for and remitted in accordance with the law. (The Nation)

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