Nigerian legislative oversight of petroleum sector

The Nigerian legislature has intensified its oversight of the petroleum sector, addressing corporate accountability, financial discrepancies, and environmental crises.

The Senate Public Accounts Committee continues to pursue unresolved financial queries stemming from the 2021–2023 NEITI audit. This includes a 48-hour ultimatum issued to companies such as Seplat Energy and Network E&P Nigeria Limited to respond to queries or face potential legislative sanctions. Concurrently, the Ministry of Finance has accused the Nigerian National Petroleum Company Limited (NNPCL) of failing to provide records regarding 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.

In a related effort to recover state funds, 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). This follows an investigation of 43 firms, which identified 24 companies with outstanding liabilities.

On the environmental front, the House of Representatives Committee on South-South Development Commission is demanding urgent intervention for ongoing crises in the Niger Delta. This includes a nine-month gas seepage in the Bille community of Rivers State and a five-month oil spill in the Odidi Federated Community of Delta State. Technical assessments from the National Oil Spill Detection and Response Agency (NOSDRA) confirmed hazardous levels of hydrogen sulphide, methane, and volatile organic compounds, as well as elevated petroleum hydrocarbons in local water sources. Committee Chairman Julius Pondi has called for time-bound resolution strategies from operating companies and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).