Nigeria oil sector faces scrutiny over recovered levies and audit queries

The Economic and Financial Crimes Commission (EFCC) has recovered over ₦115 billion and $84 million in statutory levies owed to the Niger Delta Development Commission (NDDC) by defaulting oil companies. Following an investigation of 43 firms triggered by the Nigeria Extractive Industries Transparency Initiative (NEITI) 2021–2023 audit, 24 companies were found to have outstanding liabilities.

Simultaneously, the Nigerian Senate Public Accounts Committee is investigating several unresolved financial queries from the same NEITI audit. The Ministry of Finance has accused the Nigerian National Petroleum Company Limited (NNPCL) of failing to provide records necessary to address issues such as a $3 billion pre-export financing loan from 2012 and $722.6 million in dividends from Nigeria LNG Limited that were reportedly not remitted to the Federation.

The Senate has also issued a 48-hour ultimatum to oil companies, including Seplat Energy and Network E&P Nigeria Limited, to appear before the committee to respond to audit queries, warning of potential legislative sanctions for non-compliance.