Stakeholders Resist Probe of Oil Sector by National Assembly

There are strong indications that major stakeholders in Nigeria’s oil sector are actively working to prevent an investigation by the National Assembly, according to reliable sources. The ad-hoc committee overseeing the probe, chaired by Senate Leader Opeyemi Bamidele (APC, Ekiti Central), has been met with resistance, as the investigation is expected to expose significant issues within the industry.

The probe initially began in the House of Representatives, but resistance from powerful interests led to its disbandment and the formation of a joint committee between the Senate and the House. The newly formed committee includes 14 members from each chamber, down from 15 after the death of Senator Ifeanyi Uba.

Despite being set up in July 2024, the committee has yet to make significant progress, with insiders suggesting that pressure from oil sector stakeholders has delayed the investigation. Committee members have voiced concerns over the lack of action, questioning whether the probe will ever fully materialize.

In July, Senate President Godswill Akpabio initiated the investigation into the oil and gas sector following allegations of widespread malpractice and sabotage. The ad-hoc committee was tasked with investigating alleged failures in the sector, including regulatory lapses and non-compliance with the Petroleum Industry Act (PIA).

However, a planned public hearing scheduled for September 2024 was postponed due to the need for further consultations with industry stakeholders. Since then, the committee has not announced a new date for the hearing, raising further doubts about whether the investigation will proceed as intended.

Senator Bamidele has reaffirmed the National Assembly’s commitment to addressing the challenges in the petroleum industry, citing issues such as crude oil theft, inefficient refinery maintenance, and the importation of substandard petroleum products as key concerns.