The Forum for Energy Accountability has criticised what it called incessant and overlapping investigations of the Nigerian National Petroleum Company Limited (NNPCL) by the House of Representatives, warning the trend could undermine investor confidence in Africa’s largest oil and gas market.
The citizens’ advocacy group said on Friday that the surge of probes by various House committees has created an atmosphere of regulatory siege around the national oil company.
Group president Ebikeme Jonathan-Ogula said the scale and frequency of the inquiries now appear counterproductive and disruptive to ongoing sector reforms.
“NNPCL, like any public-interest commercial entity, must be accountable. But accountability loses meaning when it becomes indistinguishable from pressure,” Jonathan-Ogula said.
He said overlapping summons do not enhance transparency, support reform, or inspire investor confidence at a delicate moment for Nigeria’s hydrocarbons sector.
The group noted that the petroleum industry is still adjusting to changes triggered by the Petroleum Industry Act, global energy transitions, and broader economic reforms aimed at stabilising foreign exchange and boosting investment inflows.
Uncertainty around regulatory actions sends the wrong signal to international partners exploring long-term commitments in upstream, midstream, and gas development, it said.
Jonathan-Ogula said foreign investors already face considerable risks including security challenges in producing regions, fiscal unpredictability, and infrastructure deficits.
“Introducing legislative unpredictability, where NNPCL executives are repeatedly summoned for hearings that yield no new findings, only deepens the perception of instability,” he said.
He referenced recent reports of multiple committees launching parallel investigations into crude sales, joint venture operations, frontier basins, external financing, and internal governance processes.
ALSO READ
The group argued that such overlap leads to unnecessary duplication and fuels public speculation, even when many of the issues concern ongoing audits or statutory disclosures that follow established procedures.
“This scattershot approach to oversight does not strengthen institutions. It weakens them. It also distracts NNPCL from its core mandate of delivering value to the federation, stabilising supply chains, and fostering investment in gas expansion, domestic refining, and critical midstream infrastructure,” the statement said.
Jonathan-Ogula acknowledged the right of the legislature to examine public entities but urged the House leadership to streamline its processes by consolidating related inquiries under single committees and adhering to clear procedural timelines.
He called for greater collaboration between the National Assembly and regulatory bodies such as the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure oversight does not conflict with ongoing regulatory reviews or approved work programmes.
“The objective should be to strengthen confidence, not undermine it. Nigeria cannot afford investor hesitation at a time when capital is fleeing to jurisdictions with stability, legal clarity, and predictable oversight,” the group said.
Jonathan-Ogula urged the House of Representatives to adopt a more strategic, coordinated, and evidence-based oversight model, noting that the credibility of Nigeria’s economic reforms depends on how institutions balance scrutiny with stability.
“We call on the leadership of the House of Representatives to intervene so that legitimate oversight does not mutate into a deterrent to investment,” he said.
“Nigeria needs consistent signals, not contradictory ones, if the sector is to attract the scale of capital required for energy transition, gas development, and national revenue growth.”
