NEITI Report: Senate Ultimatum to Four Oil Firms Over Audit Queries

The Senate, through its Public Accounts Committee, on Tuesday gave Seplat Energy, Network E&P Nigeria Limited and two other oil companies 48 hours to appear before it and answer queries raised against them in the 2021, 2022 and 2023 audit reports presented by the Nigeria Extractive Industries Transparency Initiative (NEITI).

The two other oil companies given the same 48-hour ultimatum are All Grace Energy Limited and Aradel Energy Limited. The committee warned that failure to appear could lead to the invocation of its legislative powers against the affected companies.
The ultimatum followed a resolution adopted by the Senator Ibrahim Hassan Dankwambo-led committee, amid displeasure expressed by some members over the failure of the companies to honour invitations.
Senator Abdul Ningi (Bauchi Central) was the first to call for sanctions against the companies. He described a letter written by Network E&P Nigeria Limited, stating that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) was the regulatory body it reports to, as disturbing and provocative.
Ningi said the Senate, under Sections 88 and 89 of the 1999 Constitution, has the constitutional power to invite any individual, body or agency to provide explanations on issues before it.
“The Senate and, by extension, the National Assembly, is the custodian of Nigeria’s laws and has the power to invite anybody or agency for explanations on issues raised against them,” he said.
Supporting Ningi, Senator Shehu Kaka Lawan (Borno Central) called for the invocation of constitutional powers against the managements of the affected companies.
Consequently, the committee chairman issued a 48-hour ultimatum to the Managing Director of Network E&P Nigeria Limited, directing him to appear before the committee on Thursday.
“Having failed to honour the invitation of this committee two consecutive times, the Managing Director of Network E&P Nigeria Limited should appear before us unfailingly on Thursday this week or risk full invocation of legislative powers against him,” he said.
Similar ultimatums were issued to the Managing Directors of All Grace Energy Limited, Aradel Energy Limited and Seplat Energy after the committee noted their absence.
Meanwhile, Dubri Oil Company Limited, which appeared before the committee, rejected the $3.025 million royalty and gas flare debts recorded against it in the NEITI audit report.
NEITI, in the report, alleged that based on information submitted by NUPRC in 2025, Dubri Oil owed $3.025 million. The amount comprised $2.378 million in gas flare debt and $646,605.55 for oil production.
However, a representative of Dubri Oil, Soyode Olusoji Clement, faulted the query, explaining that the report was compiled at a time when the oil company was having a reconciliation issue with NUPRC.
According to him, the reconciliation issue between Dubri Oil and NUPRC has since been resolved, with no outstanding debt hanging on the company.
He presented documents to the committee to support the claim. The committee said it would critically study the documents before determining whether to issue the company a clean bill of health.