The Forum for Energy Accountability, a citizens’ advocacy group, has warned that the frequency and scale of House of Representatives investigations into the Nigerian National Petroleum Company Limited (NNPC) could erode investor confidence in Africa’s largest oil and gas market. Recent months have seen multiple probes by various House committees, 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, cautioned that the intensity of these investigations may be counterproductive and disrupt ongoing sector reforms.
The petroleum industry is currently navigating a transition driven by the Petroleum Industry Act (PIA), global energy shifts, and broader economic reforms. Foreign investors already contend with significant risks, including security concerns, fiscal volatility, and infrastructure gaps. The Forum noted that legislative unpredictability—where NNPC executives are repeatedly summoned for hearings that produce no new findings—only deepens the perception of instability.
Recent reports indicate that multiple committees have launched 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 issues pertain to ongoing audits or statutory disclosures that follow established procedures. The Forum urged House leadership to streamline its processes by consolidating related inquiries under single committees and adhering to clear procedural timelines, thereby preserving 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). Such coordination would ensure that oversight does not conflict with ongoing regulatory reviews or approved work programmes. According to the Forum, the objective should be to strengthen confidence, not undermine it. With capital fleeing to jurisdictions offering stability, legal clarity, and predictable oversight, Nigeria cannot afford investor hesitation. The Forum appealed to the leadership of the House of Representatives to intervene and ensure that legitimate oversight does not become a deterrent to investment, thereby promoting a stable and attractive environment essential for the growth and development of the country’s hydrocarbons sector.
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