The Forum for Energy Accountability, a citizens’ advocacy group, has criticised what it called the “incessant and overlapping” investigations of the Nigerian National Petroleum Company (NNPC) Limited by the House of Representatives, warning that the trend could undermine 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 surge of probes initiated by various House committees in recent months has created what he described as an “atmosphere of regulatory siege” around the national oil company.
Jonathan-Ogula noted that while legislative oversight is a constitutional mandate, the scale and frequency of the inquiries now seem “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 pressure. What we have seen in recent weeks is a wave of overlapping summons that does not enhance transparency, does not support reform, and certainly does not inspire investor confidence at a very delicate moment for Nigeria’s hydrocarbons sector,” he said.
The group pointed out that the petroleum industry is still adjusting to changes triggered by the Petroleum Industry Act (PIA), global energy transitions, and broader economic reforms targeted at stabilising foreign exchange and boosting investment inflows. In this context, it said, uncertainty around regulatory actions “sends the wrong signal” to international partners exploring long-term commitments in upstream, midstream, and gas development.
Jonathan-Ogula added that foreign investors already face considerable risks, including security challenges in producing regions, fiscal unpredictability, and infrastructure deficits.
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“Introducing legislative unpredictability, where NNPCL executives are repeatedly summoned for hearings that yield no new findings, only deepens the perception of instability,” he warned.
He also referenced recent reports of multiple committees launching parallel investigations into crude sales, joint venture operations, frontier basins, external financing, and internal governance processes. The group argued that such overlap leads to unnecessary duplication and fuels public speculation, even when many of the issues concern 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.”