* As Senators seek to recover revenues, enforce transparency and strengthen accountability in extractive industry
By Henry Umoru
ABUJA- THE Senate has concluded arrangement to commence the launch of a comprehensive investigation into the Nigeria’s oil and gas industry as it has summoned the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), major international and indigenous oil companies as well as key government institutions to defend issues arising from the Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Industry Audit Reports covering 2021, 2022 and 2023.
In a statement signed on Thursday in Abuja by the Chairman, Senate Committee on Public Accounts, Senator Ibrahim Hassan Dankwambo, Gombe North, the exercise, which would be carried out by the Committee, is tagged, ” Special Legislative Oversight and Public Hearing on the Nigeria Extractive Industries Transparency Initiative ( NEITI), Oil and Gas Industry Audit Reports for the years 2021, 2022 and 2023″
The exercise, which will last twenty-three days, is expected to commence on Monday, August 3 and end on Thursday, 25th August, 2026 is designed to scrutinise revenues, remittances, financial obligations and operational activities across the nation’s extractive sector in a bid to strengthen transparency, accountability and prudent management of public resources.
According to the statement, the special legislative oversight and public hearing 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, just as the Committee explained that the NEITI audit reports, submitted to the National Assembly in accordance with the NEITI Act, contain extensive information on the operations of stakeholders in Nigeria’s oil and gas industry, including revenues, payments, remittances and other financial obligations.
The Committee has directed all organisations to be represented by their Chief Accounting Officers alongside relevant technical personnel who are familiar with the issues contained in the audit reports.
Dankwambo has also stressed in the statement that all invited organisations must come with documents relevant to the matters under investigation and warned that requests for postponement or rescheduling would only be entertained under exceptional circumstances with prior approval of the Committee.
The statement read, “The hearings would evaluate the level of compliance by Ministries, Departments and Agencies (MDAs), government-owned enterprises, regulatory bodies and oil and gas operators with constitutional provisions, the NEITI Act, Fiscal Responsibility Act, Financial Regulations and other applicable laws governing the extractive sector.
“The Committee would also interrogate issues identified in the audit reports with a view to promoting greater revenue assurance, transparency and accountability in the management of Nigeria’s vast petroleum resources.
“The hearings, scheduled to commence on August 3 at the National Assembly Complex in Abuja, will begin with appearances by NEITI, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Central Bank of Nigeria and the Niger Delta Development Commission (NDDC), signalling the Senate’s intention to first examine the regulatory and financial architecture underpinning the industry before engaging operators.
“On August 4, the Office of the National Security Adviser, Nigerian Investment Promotion Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Revenue Mobilisation Allocation and Fiscal Commission are expected before the committee.
“The following day, attention will shift to the Nigerian National Petroleum Company Limited, the Joint Development Authority and the Ministry of National Planning, while the Nigeria Revenue Service, Office of the Accountant-General of the Federation, Office of the Auditor-General for the Federation and the Ministry of Petroleum Resources have been scheduled to appear on August 6.
“The Committee has also lined up appearances by the Surveyor-General of the Federation, the Federation Account Allocation Committee (FAAC) and the Federal Ministry of Finance on August 10 before moving to a series of hearings involving major indigenous and multinational oil companies.
“Among the Oil firms billed to appear are 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, Neconde Energy and several other operators.
“In a move designed to broaden public participation in the oversight process, the Senate also invited memoranda from civil society organisations, host communities, professional bodies, development partners, industry experts and other interested stakeholders on issues arising from the audit reports.
“The Committee directed that 15 bound copies and one electronic copy of such memoranda should be submitted to its secretariat on or before July 27, 2026.
“The hearings are expected to provide lawmakers with an opportunity to examine longstanding concerns over revenue leakages, remittance practices and compliance with statutory financial obligations within Nigeria’s oil and gas industry.
“The Committee noted that the exercise could pave the way for fresh legislative interventions and recommendations aimed at strengthening governance in the extractive sector, enhancing government revenues and reinforcing public confidence in the management of Nigeria’s most strategic economic resource.
“With virtually every major regulator, revenue agency and leading oil producer scheduled to appear before the committee over the course of the hearings, the Senate’s latest initiative represents one of the most comprehensive parliamentary examinations of the country’s petroleum industry in recent years, underscoring lawmakers’ resolve to ensure that all revenues due to the Federation are properly accounted for and remitted in accordance with the law.”
The post Senate sets for 23-day probe of Nigeria’s Oil sector audit, summons NNPCL, CBN, others appeared first on Vanguard News.