The Joint Committee of the Senate and House of Representatives on Petroleum Resources has issued a definitive warning to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, alongside the Special Adviser to the President on Energy and heads of key regulatory agencies. The warning comes ahead of a mandatory high-level investigative hearing into the financial operations and activities of Nigeria’s oil and gas sector.
The Joint Committee, comprising the Upstream, Midstream, Downstream, and Gas sub-committees of both chambers, cautioned that it would not hesitate to issue arrest warrants for any officials who fail to appear in person or provide the required documentation.
The investigative session, scheduled for February 26, is anchored on Sections 88 and 89 of the 1999 Constitution (as amended), the Petroleum Industry Act (PIA), and recent Presidential Executive Orders regarding fiscal transparency. The probe is designed to unmask the revenue, expenditure, and core operational activities within the sector to strengthen accountability and fiscal discipline.
The invitation was extended to the Accountant General of the Federation and copied to the Attorney General of the Federation and the Ministers responsible for Petroleum (Oil and Gas).
The Joint Committee, led by Chairmen including Sen. Jarigbe Agom Jarigbe, Hon. Nicholas Mutu, and Hon. Ado Doguwa, among others, outlined a comprehensive agenda for the hearing:
Revenue Audit: A rigorous review of Federation revenue streams, including royalties, rents, and taxes, to ensure full remittance into the Federation Account.
PIA Implementation: Assessment of Host Community Trust Funds, asset divestments, and the transition of industry assets and liabilities.
NNPCL Scrutiny: Examination of the expenditure profile and financial operations of the Nigerian National Petroleum Company Limited and its subsidiaries against approved budgets and cost-reduction orders.
Security and Infrastructure: Performance and value-for-money assessment of pipeline surveillance security contracts.
Regulatory Performance: Evaluation of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) against their statutory mandates.
Supply and Liabilities: Assessment of domestic gas obligations, refining capacity, and NNPCL’s liabilities related to upfront crude oil and gas sale arrangements.
All invited officials are strictly required to appear in person accompanied by their Chief Accounting Officers. The Committee has demanded the submission of 20 hard copies and one soft copy of a comprehensive briefing memorandum, which must include:
Audited financial statements for the 2023–2025 period.
Bank statements for all operational and statutory accounts.
Detailed remittance schedules to the Federation Account.
Compliance reports regarding Presidential Executive Orders issued since 2023.
The Joint Committee reiterated that this hearing is a statutory obligation and a critical platform for ensuring that the nation’s oil resources are managed with the highest level of transparency.
