In a tense session of the Nigerian Senate on Tuesday, lawmakers launched a probe into the operations of the Nigerian National Petroleum Company Limited (NNPCL), following the discovery of alleged discrepancies in its financial records amounting to several billion naira.
The plenary, which was filled with high emotions and sharp exchanges, began when Senator Adebayo Lawal (Kwara Central) raised a motion under matters of urgent national importance. Citing reports from the Auditor-General’s office and recent revelations from the Nigerian Extractive Industries Transparency Initiative (NEITI), Lawal accused NNPCL of “financial opacity, failure to remit due revenue, and lack of accountability.”
“We are no longer in a military regime,” Senator Lawal declared. “NNPCL is not above the law, and this Senate will no longer condone secretive operations that undermine our economy and rob Nigerians of their common wealth.”
The motion quickly gained bipartisan support. Senator Miriam Musa (Kaduna North) added: “Every year, billions vanish under vague explanations like ‘pipeline losses’ or ‘subsidy adjustments.’ Nigerians are suffering while a handful profit.”
In response, the Senate resolved to summon the Group Chief Executive Officer of NNPCL, Mele Kyari, to appear before the Senate Committee on Petroleum Resources (Downstream and Upstream) for questioning.
1. Unremitted Funds: The Senate demanded explanations for over ₦2.3 trillion in oil revenue that NEITI said was unaccounted for in the last fiscal year.
2. Subsidy Payments: Senators queried the continuation of subsidy-related expenditures even after the President announced its removal. “Where is the subsidy money going?” asked Senator Chukwuemeka Okoro (Imo South).
3. Opaque Joint Venture Operations: Lawmakers criticized the lack of transparency in NNPCL’s dealings with foreign partners, especially in joint venture cash calls and profit-sharing.
4. Fuel Import Dependency: Several senators challenged the company on why Nigeria, an oil-producing nation, still spends trillions importing refined petroleum products.
The Senate President, Godswill Akpabio, noted that the legislature was not out to witch-hunt the company but insisted that accountability must prevail. “This isn’t personal,” he said. “It’s about restoring public trust in our institutions.”
In a swift press statement released the same day, NNPCL responded that it welcomes the Senate’s oversight, stating: “We are confident that all funds are properly accounted for and will provide full cooperation to the legislative inquiry.”
However, critics argue that similar probes in the past have yielded little results. Civil society groups like BudgIT and SERAP have called on the Senate to make the proceedings public and demand consequences for any confirmed misconduct.
As Nigerians watch with cautious optimism, many wonder: Will this be another round of drama without justice, or a turning point in the fight for transparency in the oil sector?
Only time will tell.
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