Senate probes oil firms over NEITI queries, demands answers on $3m liabilities By Undie Emmanuel

ABUJA — The Senate Public Accounts Committee (SPAC) has ordered four oil companies to appear before it over outstanding queries arising from audits conducted by the Nigeria Extractive Industries Transparency Initiative (NEITI).

The companies were given 48 hours to respond to issues relating to oil and gas revenues, royalties, taxes, gas-flaring obligations and other financial transactions covering the 2021–2023 period.

The committee issued the directive during its hearings on August 11 and 12 at Conference Room 022 of the Senate New Building, National Assembly, Abuja.

Among the companies listed for further scrutiny were Seplat Energy Plc and Aradel Energy Ltd, whose managing directors were directed to appear personally before the committee on Thursday, August 13.

The investigation is also examining remittances and other financial transactions involving petroleum-sector operators and government institutions.

The committee, chaired by Senator Danjuma Goje Dankwambo, is seeking clarification on discrepancies and outstanding liabilities identified in NEITI audit reports.

Dubri Oil queried over $3m liability

At the hearing, Soyofe Olusoji Clement, who represented Dubri Oil, told the committee that the company had completed reconciliation of its outstanding liabilities with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

He said relevant documents had been submitted to support the company’s position, although the committee had yet to complete its review of the submissions.

A major point of contention was a $3.025 million liability attributed to the company in the NEITI report.

The amount comprises $2.378 million in gas-flaring obligations and $646,605.55 in production royalties.

The committee is expected to examine the documents submitted by the company before determining the next steps.

The hearings formed part of the Senate’s continuing efforts to scrutinise public revenues and ensure that companies operating in the extractive sector meet their statutory financial obligations.

Several senators participated in the proceedings, including members of the Public Accounts Committee and other lawmakers who contributed to the deliberations.

The committee adjourned further consideration of the matters to Thursday, August 13, as it continued its examination of the outstanding audit queries.

The investigation underscores the Senate’s renewed focus on accountability in Nigeria’s petroleum sector, particularly the reconciliation and remittance of revenues identified in NEITI audits.

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