* Public Accounts Committee to probe 2021–2023 oil sector revenues, remittances and compliance
Sunday Aborisade in Abuja
The Senate has fixed Monday, next week for the commencement of a sweeping investigation into Nigeria’s oil and gas sector.
The red chamber has therefore summoned the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), major international and indigenous oil companies, regulators and several government agencies.
The firms are expected to explain 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 revenues, remittances, statutory obligations and operational activities across the extractive industry as lawmakers intensify oversight of one of the country’s most critical revenue-generating sectors.
According to the committee, in a public notice made available to THISDAY on Thursday, the 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.
The committee said the NEITI audit reports submitted to the National Assembly contain detailed information on the financial and operational activities of stakeholders in the oil and gas industry, including revenues, payments, remittances and other statutory obligations.
It stated that the hearings would assess the level of compliance by ministries, departments and agencies (MDAs), government-owned enterprises, regulatory bodies and oil companies with the provisions of the constitution, the NEITI Act, the Fiscal Responsibility Act, Financial Regulations and other laws governing the extractive industry.
The committee added that it would interrogate issues highlighted in the audit reports, particularly those relating to revenue remittances and compliance with statutory financial obligations.
The hearings are scheduled to commence on August 3 at the National Assembly Complex, Abuja.
The first day of proceedings, according to the committee, will feature appearances by the NEITI, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the CBN and the Niger Delta Development Commission (NDDC).
The committee said it was expecting to hear from 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).
The statement added that the NNPCL, the Joint Development Authority and the Ministry of National Planning have also been scheduled to appear, 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 equally expected before the committee.
The committee also fixed August 10 for appearances by the Office of the Surveyor-General of the Federation, the Federation Account Allocation Committee (FAAC) and the Federal Ministry of Finance before commencing hearings involving major indigenous and multinational oil companies.
Among the companies also invited 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 Nigeria, 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.
The committee directed all invited organisations to be represented by their chief accounting officers and relevant technical officials with adequate knowledge of the matters contained in the audit reports.
It also instructed the organisations to appear with all documents relevant to the investigation, warning that requests for adjournment or rescheduling would only be considered in exceptional circumstances and with prior approval.
The Senate panel is expected to use the hearings to examine issues arising from the NEITI audit reports, including compliance with statutory financial obligations and the remittance of revenues due to the federation.
The investigation comes amid sustained legislative scrutiny of the extractive sector, with lawmakers increasingly relying on audit reports to examine the management of public revenues and the implementation of existing financial accountability laws.