A Coalition of Civil Society Organisations on Transparency and Accountability has called on the Nigerian Senate to halt what it described as a wasteful and misdirected probe into an alleged missing ₦210 trillion from the Nigerian National Petroleum Company Limited (NNPCL), insisting the exercise amounts to “shadow chasing” with no factual basis.

The coalition, in a statement jointly signed by Comrade Danesi Momoh Prince of the Empowerment for Unemployed Youth Initiative and Igwe Ude-Umanta of the Guidance of Democracy and Development Initiative, criticised the ongoing investigation by the Senate Public Accounts Committee as a “circus show” that risks misleading the public and undermining confidence in governance.

According to the group, the claim of missing ₦210 trillion is “imaginary and unsubstantiated,” arguing that the Senate’s continued focus on the allegation diverts attention from more pressing challenges in Nigeria’s oil and gas sector.

“Since last year, the Senate, through its Public Accounts Committee, has embarked on a senseless rigmarole and shadow chasing in the name of recovering ₦210 trillion allegedly missing from the NNPCL—existing only in imagination or mischief,” the statement read.

“This circus show is designed to create the impression that the committee is working, while inadvertently tarnishing the reputations of individuals and institutions and misleading uninformed Nigerians. We insist that the Senate knows deep down that no such amount is missing.”

The coalition warned that pursuing sensational and unverified claims could erode investor confidence and damage the credibility of Nigeria’s legislative oversight process, especially in a sector that remains central to the nation’s economy.

It urged lawmakers to redirect their efforts toward substantive reforms, including improving transparency in oil revenue management, addressing lingering fuel subsidy concerns, tackling regulatory inefficiencies, and ensuring full implementation of the Petroleum Industry Act (PIA).

The group also noted that the Economic and Financial Crimes Commission (EFCC) had previously reviewed the relevant financial records, stressing that any legitimate concerns should be handled by appropriate investigative agencies.

“It is not for the Senate to continue creating the impression that some individuals may have stolen ₦210 trillion of public funds. If there are questions, those involved should answer them through proper channels or face the consequences,” the CSOs said.

Beyond the NNPCL probe, the coalition challenged the Senate to address allegations surrounding its own activities, including claims of legislative manipulation tied to the proposed 2026 Electoral Act amendments.

“We think the Senate should be more circumspect at a time it is facing accusations of inserting clauses that could enable electoral fraud. It should first sanitise its own processes,” the statement added.

The CSOs further expressed concern over what they described as a pattern of inconclusive legislative probes, noting that past investigations by the National Assembly have rarely resulted in recoveries for the country.

“From the inception of the National Assembly to date, no probe has led to the recovery of funds for Nigeria. Instead, we have seen instances where lawmakers themselves were implicated in bribery scandals linked to similar investigations,” the coalition said.

The group also raised suspicions about possible ulterior motives behind the probe, suggesting it could be aimed at pressuring individuals for political or financial concessions ahead of the election cycle.

“Our suspicion, based on antecedents, is that this exercise may be an attempt to force compromises from those being accused. With electioneering activities underway, the political undertones cannot be ignored,” it stated.

Reiterating its support for accountability, the coalition called for a more responsible, evidence-based approach to legislative oversight, urging the Senate to focus on policies that will drive efficiency, transparency, and sustainable growth in the petroleum sector.

“We support genuine efforts at public accountability. However, deliberate misinformation, exaggerated figures, and attempts to embarrass individuals who have served the nation must be rejected in the interest of justice and fairness,” the statement concluded.

The coalition further urged the Senate to prioritise policies that would improve the performance and transparency of the NNPCL, noting that the operations of the national oil company remain “more secretive than even security agencies.”

“Rather than chasing imaginary figures, the Senate should focus on how the NNPCL can deliver better value to Nigerians, especially for the unemployed, underemployed, and the broader population,” it added.