Nigerian Senate oil and gas sector audit probe

The Nigerian Senate Public Accounts Committee has launched investigations into financial discrepancies identified in the 2021–2023 Oil and Gas Sector Audit Reports by the Nigeria Extractive Industries Transparency Initiative (NEITI).

Initial inquiries focused on government agencies, including the Federal Ministry of Finance, the Nigerian National Petroleum Company Limited (NNPCL), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The Ministry of Finance reported difficulties resolving queries due to a lack of financial records from the NNPCL and NUPRC. Key areas of concern include the recovery of a $3 billion pre-export financing loan used for 2012 subsidy payments, $722.6 million in dividends and interest from Nigeria LNG Limited that were allegedly not remitted to the Federation, and approximately N200 billion spent on non-operational refineries.

The probe has expanded to include private sector entities. The Senate issued a 48-hour ultimatum to four oil companies—Seplat Energy, Network E&P Nigeria, All Grace Energy, and Aradel Energy—to appear for hearings regarding audit queries. The Human and Environmental Development Agenda (HEDA) has called for increased transparency, noting that unresolved financial obligations in the extractive sector could negatively impact government revenue.