A citizens’ advocacy group, the Forum for Energy Accountability, has expressed concerns over the frequency and scale of investigations into the Nigerian National Petroleum Company Limited (NNPC) by the House of Representatives. The group warns that the trend may undermine investor confidence in Africa’s largest oil and gas market.
The NNPC has been subject to multiple probes by various House committees in recent months, prompting the Forum to describe the situation as a “regulatory siege” against the national oil company. While acknowledging the importance of legislative oversight, the group’s president, Comrade Ebikeme Jonathan-Ogula, argued that the scale and frequency of the investigations may be counterproductive and disrupt ongoing sector reforms.
The petroleum industry is currently navigating a transition triggered by the Petroleum Industry Act (PIA), global energy shifts, and broader economic reforms. Foreign investors already face significant risks, including security concerns, fiscal volatility, and infrastructure gaps. The Forum noted that introducing legislative unpredictability, where NNPC executives are repeatedly summoned for hearings that yield no new findings, only deepens the perception of instability.
The group cited recent reports of multiple committees launching parallel investigations into the company’s crude sales, joint venture operations, and internal governance processes. This overlap creates unnecessary duplication and fuels public speculation, even when many of the issues relate to ongoing audits or statutory disclosures that follow established procedures.
The Forum urged the House leadership to streamline its processes by consolidating related inquiries under single committees and adhering to clear procedural timelines. This, the group said, would preserve both transparency and operational efficiency. The group also called for greater collaboration between the National Assembly and relevant regulatory bodies, such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), to ensure that oversight does not conflict with ongoing regulatory reviews or approved work programmes.
The objective, according to the Forum, should be to strengthen confidence, not undermine it. With capital fleeing to jurisdictions with stability, legal clarity, and predictable oversight, Nigeria cannot afford investor hesitation. The group called on the leadership of the House of Representatives to intervene and ensure that legitimate oversight does not mutate into a deterrent to investment. By doing so, the country can promote a stable and attractive investment environment, crucial for the growth and development of its hydrocarbons sector.