The House of Representatives has been criticised in what is described as the “incessant and overlapping investigations” into the Nigerian National Petroleum Company Limited (NNPCL).
The lower chamber of the national assembly is warned that the trend could unsettle investor confidence in the country’s oil and gas market.
In a statement on Friday, December 12, a stakeholder in the energy sector said the barrage of probes launched by different House committees in recent months has created an “atmosphere of regulatory siege” around the national oil company.
Speaking through its president, Comrade Ebikeme Jonathan-Ogula, the Forum for Energy Accountability, noted that while legislative oversight remains a constitutional duty, the current pace and volume of inquiries 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,” Jonathan-Ogula said.
He added, “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.”
Concerns Over Investor Perception
The statement explained that the petroleum industry is still adjusting to reforms sparked by the Petroleum Industry Act, shifting global energy trends, and wider economic policies aimed at stabilising forex and attracting inflows.
In such a transition period, Jonathan-Ogula argued, uncertainty around regulatory actions “sends the wrong signal” to international partners assessing long-term commitments in upstream, midstream, and gas projects.
He said foreign investors already contend with security risks, fiscal unpredictability, 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 said.
He pointed to recent reports of committees launching parallel investigations into crude sales, joint venture operations, frontier activities, external financing, and internal governance processes.
According to him, this overlap creates needless duplication and fuels public speculation, even when many issues relate to ongoing audits or statutory disclosures already following established procedures.
The statement added, “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.”
Jonathan-Ogula acknowledged the legislature’s right to scrutinise public entities but urged the House leadership to consolidate related inquiries under single committees and adopt clear procedural timelines to preserve transparency and operational efficiency.
He also called for improved coordination between the National Assembly and regulatory bodies such as the NUPRC and NMDPRA to ensure oversight does not clash 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 statement added.
Jonathan-Ogula urged the House to embrace a more strategic, coordinated, and evidence-based” oversight approach, stressing that the credibility of ongoing economic reforms depends on institutions balancing scrutiny with stability.
He said, “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 added that Nigeria must send consistent signals if it hopes to attract the level of capital required for energy transition, gas development, and long-term revenue growth.
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