The Senate has launched one of its most expansive investigations into Nigeria’s petroleum industry, summoning the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), key regulatory agencies, and dozens of multinational and indigenous oil firms to account for issues arising from the Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Industry Audit Reports covering 2021, 2022 and 2023.

The sweeping legislative probe, to be conducted by the Senate Committee on Public Accounts chaired by Senator Ibrahim Hassan Dankwambo, is expected to place virtually every major institution connected with Nigeria’s oil and gas value chain under intense scrutiny as lawmakers seek to uncover revenue leakages, enforce statutory remittances and strengthen accountability in the nation’s most strategic economic sector.

In a statement announcing the exercise, the committee 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.

According to the committee, the NEITI audit reports submitted to the National Assembly contain extensive findings on revenues, royalties, taxes, remittances, financial obligations and operational activities of stakeholders across the oil and gas industry.

The lawmakers said the public hearings would examine the level of compliance by Ministries, Departments and Agencies (MDAs), government-owned enterprises, regulators and oil companies with the Constitution, the NEITI Act, the Fiscal Responsibility Act, Financial Regulations and other laws governing Nigeria’s extractive sector.

The committee said the exercise is aimed at promoting transparency, improving revenue assurance, strengthening institutional accountability and ensuring that all funds due to the Federation are fully accounted for.

The hearings, scheduled to commence on August 3 at the National Assembly Complex, 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), as lawmakers begin by examining the regulatory and financial framework governing the industry.

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 committee.

The Nigerian National Petroleum Company Limited (NNPCL), Joint Development Authority and the Ministry of National Planning have been scheduled for August 5, 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 will appear on August 6.

The investigation will continue on August 10 with appearances by the Office of the Surveyor-General of the Federation, the Federation Account Allocation Committee (FAAC) and the Federal Ministry of Finance before attention shifts to oil-producing companies.

Among the operators summoned 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, Neconde Energy and several other industry players.

The committee directed all organisations to appear through their chief accounting officers accompanied by technical personnel with direct knowledge of the issues raised in the audit reports.

It also instructed the invited organisations to come with all relevant documents, warning that requests for adjournment or rescheduling would only be considered under exceptional circumstances and with prior approval.

In a move to broaden public participation, the Senate invited memoranda from civil society organisations, host communities, professional bodies, development partners, industry experts and other interested stakeholders on matters arising from the audit reports.

Lawmakers believe the hearings will provide an opportunity to interrogate longstanding concerns over revenue leakages, under-remittances and compliance with statutory financial obligations in the oil and gas sector.

The committee said the outcome of the exercise could lead to fresh legislative reforms, stronger oversight mechanisms and recommendations designed to improve governance, enhance government revenue and restore public confidence in the management of Nigeria’s petroleum resources.

With more than 60 ministries, agencies, regulators and oil companies expected to appear, the investigation is shaping up to be one of the Senate’s most comprehensive audits of the petroleum industry in recent years, underscoring lawmakers’ determination to ensure that every naira due to the Federation is properly accounted for.