The Senate has initiated 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), key regulatory agencies, and more than 60 multinational and indigenous oil companies to respond to 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, will examine revenue leakages, statutory remittances, royalties, taxes, and compliance with financial obligations across the extractive sector.
In a statement, the committee said the public hearing is conducted pursuant to Sections 88, 89, and 85(5) of the 1999 Constitution (as amended), the NEITI Act, and Order 95(5)(d) of the Senate Standing Orders, 2026.
According to the committee, the hearings will assess the level of compliance by Ministries, Departments and Agencies (MDAs), government-owned enterprises, regulatory bodies, and oil companies with the Constitution, the NEITI Act, the Fiscal Responsibility Act, Financial Regulations, and other applicable laws governing the extractive industry.
The exercise is aimed at strengthening transparency, improving revenue assurance, enhancing institutional accountability, and ensuring full remittance of all revenues due to the Federation.
The hearings are scheduled to commence on August 3 at the National Assembly Complex, Abuja, with appearances expected from NEITI, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Central Bank of Nigeria (CBN), and the Niger Delta Development Commission (NDDC).
Also invited are the Office of the National Security Adviser, the Nigerian Investment Promotion Commission (NIPC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), the Office of the Accountant-General of the Federation, the Office of the Auditor-General for the Federation, the Ministry of Petroleum Resources, the Federal Ministry of Finance, and the Federation Account Allocation Committee (FAAC).
The committee has also summoned the Nigerian National Petroleum Company Limited (NNPCL) alongside major 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 several other operators.
The Senate directed all invited organisations to appear through their chief accounting officers, accompanied by relevant technical personnel and all documentation relating to issues raised in the audit reports, warning that requests for postponement will only be considered under exceptional circumstances.
The committee also invited memoranda from civil society organisations, host communities, professional bodies, development partners, and industry experts to support the investigation.
Lawmakers stated that the exercise is expected to address longstanding concerns over revenue leakages, under-remittances, and compliance with statutory financial obligations in the oil and gas sector. Its outcome is expected to inform future legislative reforms and strengthen governance within Nigeria’s extractive industry.
With nearly all major regulators, revenue agencies, and leading oil producers scheduled to appear, the Senate’s initiative represents one of the most comprehensive parliamentary reviews of the petroleum sector in recent years, underscoring lawmakers’ resolve to ensure full accountability of revenues due to the Federation.