The Senate has concluded plans to commence a comprehensive investigation into Nigeria’s oil and gas industry, summoning the Nigerian National Petroleum Company Limited (NNPCL), the Central Bank of Nigeria (CBN), major international and indigenous oil firms, as well as key government institutions to answer questions arising from the Nigeria Extractive Industries Transparency Initiative (NEITI) Oil and Gas Industry Audit Reports for 2021, 2022 and 2023.
The exercise, to be conducted by the Senate Committee on Public Accounts, is titled “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.”
In a statement issued on Thursday in Abuja, the committee’s chairman, Senator Ibrahim Hassan Dankwambo (Gombe North), said the 23-day hearing will begin on Monday, August 3, and end on Thursday, August 25, 2026.
According to the statement, the investigation is aimed at scrutinising revenues, remittances, statutory obligations and operational activities across the extractive sector in a bid to strengthen transparency, accountability and prudent management of public resources.
The committee said the exercise 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.
It noted that the NEITI audit reports, submitted to the National Assembly in line with the NEITI Act, contain extensive information on the operations of stakeholders in the oil and gas industry, including revenues, payments, remittances and other financial obligations.
The committee directed all invited organisations to be represented by their chief accounting officers alongside relevant technical personnel familiar with the issues contained in the audit reports.
Dankwambo also instructed all organisations to appear with documents relevant to the investigation, warning that requests for postponement or rescheduling would only be considered under exceptional circumstances and with prior approval of the committee.
According to the statement, the hearings will assess 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, the Fiscal Responsibility Act, Financial Regulations and other laws governing the extractive sector.
“The Committee will 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 statement said.
Proceedings will commence on August 3 with appearances by the Nigeria Extractive Industries Transparency Initiative (NEITI), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Central Bank of Nigeria (CBN) and the Niger Delta Development Commission (NDDC), signalling the Senate’s intention to first examine the industry’s regulatory and financial framework before engaging operators.
On August 4, the committee will 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 Nigerian National Petroleum Company Limited (NNPCL), the Joint Development Authority and the Ministry of National Planning are scheduled to appear on August 5, 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 will appear on August 6.
The committee has also scheduled appearances by the Office of the Surveyor-General of the Federation, the Federation Account Allocation Committee (FAAC) and the Federal Ministry of Finance on August 10 before proceeding to hearings involving major indigenous and international oil companies.
Among the companies expected 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.
To encourage wider public participation, the Senate 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 each memorandum be submitted to its secretariat on or before July 27, 2026.
According to the statement, 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 added that the exercise could lead to fresh legislative interventions aimed at strengthening governance in the extractive sector, improving government revenue and enhancing public confidence in the management of the country’s petroleum resources.
“With virtually every major regulator, revenue agency and leading oil producer scheduled to appear before the committee, the Senate’s latest initiative represents one of the most comprehensive parliamentary examinations of Nigeria’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 statement added.
