…says repeated probes send the wrong signal to global financiers

…urges lawmakers to adopt structured, not disruptive oversight

The Forum for Energy Accountability, a citizens’ advocacy group, has criticised what it described as the “incessant and overlapping” investigations of the Nigerian National Petroleum Company (NNPC) Limited by the House of Representatives, warning that the trend risks unsettling investor confidence in Africa’s largest oil and gas market.

In a statement issued on Friday, the group’s president, Comrade Ebikeme Jonathan-Ogula, said the barrage of probes launched by various House committees in recent months has created an “atmosphere of regulatory siege” around the national oil company.

According to him, while legislative oversight is a constitutional responsibility, 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 harassment. What we have witnessed in the last few weeks is a wave of overlapping summons that does not serve transparency, does not aid reform, and certainly does not inspire investor confidence at a very delicate moment for Nigeria’s hydrocarbons sector,” Jonathan-Ogula said.

The group noted that the petroleum industry is still navigating the transition triggered by the Petroleum Industry Act (PIA), global energy shifts, and the country’s broader economic reforms aimed at stabilising foreign exchange and boosting inflows.

In this context, the group argued, uncertainty surrounding the regulatory environment “sends the wrong signal” to international partners considering long-term commitments in upstream, midstream, and gas development.

Jonathan-Ogula said foreign investors already face significant risks ranging from security concerns in producing areas to fiscal volatility and infrastructure gaps.

“Introducing legislative unpredictability, where NNPCL executives are repeatedly summoned for hearings that yield no new findings, only deepens the perception of instability,” he added.

He cited recent reports of multiple committees launching parallel investigations into the company’s crude sales, joint venture operations, frontier activities, external financing, and internal governance processes.

The group argued that such 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.

“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 added.

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. This, he said, would preserve both transparency and operational efficiency.

He 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 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 added.

Jonathan-Ogula urged the House of Representatives to adopt a more “strategic, coordinated, and evidence-based” oversight model, stressing 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 advised.

“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.”