The Senate has commenced one of its most comprehensive oversight exercises on Nigeria’s petroleum industry, summoning the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), major regulatory agencies and dozens of international and indigenous oil companies 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 Committee on Public Accounts chaired by Senator Ibrahim Hassan Dankwambo, is aimed at probing revenue leakages, remittances, royalties, taxes and compliance with statutory financial obligations in the nation’s oil and gas sector.
According to a statement issued by the committee, the public hearing is backed by Sections 88, 89 and 85(5) of the 1999 Constitution (as amended), the NEITI Act and the Senate Standing Orders, 2026.
The committee said the hearings would scrutinise the operations of Ministries, Departments and Agencies (MDAs), government-owned enterprises, regulators and oil companies to determine their compliance with constitutional provisions, the Fiscal Responsibility Act, Financial Regulations and other laws governing Nigeria’s extractive industry.
It said the exercise is intended to strengthen transparency, improve revenue assurance and ensure that all revenues due to the Federation Account are fully remitted.
The hearings will commence on August 3 at the National Assembly Complex, Abuja, with appearances by NEITI, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Central Bank of Nigeria (CBN) and the Niger Delta Development Commission (NDDC).
Other institutions scheduled to appear include the Office of the National Security Adviser, Nigerian Investment Promotion Commission (NIPC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Office of the Accountant-General of the Federation, Office of the Auditor-General for the Federation, Ministry of Petroleum Resources, Federal Ministry of Finance and the Federation Account Allocation Committee (FAAC).
The committee also invited the Nigerian National Petroleum Company Limited (NNPCL), alongside several leading oil producers, including Seplat Energy, Aradel Energy, Famfa Oil, TotalEnergies EP Nigeria, Oando, Chevron Nigeria, Shell Nigeria Exploration and Production Company, Mobil Producing Nigeria Unlimited, CNOOC Exploration and Production Nigeria Limited, Aiteo Eastern E&P and other operators.
The Senate directed all invited organisations to appear through their chief accounting officers with relevant technical personnel and supporting documents, warning that requests for postponement would only be granted under exceptional circumstances.
The committee also called for memoranda from civil society organisations, host communities, professional bodies, development partners and industry experts to enrich the investigation.
Lawmakers said the exercise is expected to address longstanding concerns over revenue leakages, under-remittances and accountability in the oil and gas sector, with its findings likely to shape future legislative reforms and strengthen governance in Nigeria’s extractive industry.
With more than 60 government institutions, regulators and oil companies expected to appear before the panel, the investigation is set to become one of the Senate’s most extensive examinations of the petroleum sector in recent years.