Nigerian Senate summons Seplat, Network E&P over NEITI audit
Nigeria's Senate has given Seplat Energy and three other oil producers 48 hours to appear before it or face legislative sanctions, escalating a probe into liabilities found in the country's extractive industries audit reports.
Nigeria's Senate Public Accounts Committee has given Seplat Energy, Network E&P Nigeria Limited, All Grace Energy Limited and Aradel Energy Limited 48 hours to appear before it or face the invocation of the National Assembly's constitutional powers. The committee, chaired by Ibrahim Dankwambo, issued the ultimatum on Tuesday after the companies repeatedly failed to honour invitations regarding the 2021, 2022 and 2023 audit reports of the Nigeria Extractive Industries Transparency Initiative (NEITI).
The summons reflects heightened scrutiny of financial obligations in Nigeria's oil and gas sector, particularly discrepancies and outstanding liabilities identified in NEITI's reports. For investors in Nigerian energy firms, the intervention introduces regulatory risk, as legislative probes can lead to operational disruptions or unexpected financial claims.
The immediate trigger for the committee's warning was a letter from Network E&P Nigeria Limited stating it was accountable only to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Abdul Ningi described this position as "disturbing and provocative," adding: "The Senate and by extension, the National Assembly, is the custodian of Nigeria law that has power to invite anybody or agency for explanations on issues raised against them." Shehu Kaka called for the invocation of legislative powers against the absent managements.
Disputed liabilities
While those four companies face a strict deadline, another producer, Dubri Oil Company Limited, appeared to contest its own audit findings. The NEITI report, drawing on 2025 NUPRC submissions, attributed a $3.025 million liability to Dubri Oil, comprising $2.378 million in gas flare penalties and $646,605.55 in oil production royalties.
Soyode Olusoji, representing Dubri Oil, rejected the figure. He told the committee the amount reflected an earlier reconciliation dispute with the NUPRC that had since been resolved, leaving no outstanding debt. Dubri Oil submitted documents to support its position. The committee said it would scrutinise these records and cross-check them with the NUPRC before deciding whether to clear the liability.
The parallel proceedings highlight the friction between NEITI's audit findings, the regulator's data and the companies' own accounting. For Seplat, Network E&P, All Grace Energy and Aradel, the immediate priority is complying with the Thursday deadline. Failure to appear risks escalating a routine audit query into a constitutional standoff between the legislature and upstream operators.
