Crude Oil Crisis: National Assembly Launches Probe into NNPC and Dangote Refinery

 

The Nigerian National Assembly is poised to conduct an in-depth investigation into the nation's petroleum sector, particularly focusing on the Nigerian National Petroleum Company Limited (NNPC) and Dangote Petroleum Refinery. This move follows growing concerns over the effectiveness and transparency of the $1.5 billion allocated in 2021 for the turn-around maintenance of the Port Harcourt Refining and Petrochemical Company, which has yielded minimal results, as reported by Punch newspaper.

The Senate has expressed discontent with the perceived neglect of government enterprises while private entities continue to prosper. During a session on Wednesday at the National Assembly Complex in Abuja, Senator Opeyemi Bamidele, the Leader of the Senate and Chairman of the Senate Ad-hoc Committee tasked with investigating alleged economic sabotage in the petroleum industry, highlighted the critical issues at hand. He questioned the management and results of the Port Harcourt refinery's maintenance project, emphasizing the need for accountability.

Amid these concerns, the National Assembly has also expressed intent to investigate allegations of sabotage affecting crude oil supply to domestic refineries. This move comes against the backdrop of widespread accusations within the sector. The session included key stakeholders such as Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy; Melee Kyari, Group Managing Director of NNPC; Mr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission; and Mr. Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

The Federal Executive Council had previously approved the $1.5 billion plan under former President Muhammadu Buhari’s administration to rehabilitate the Port Harcourt refinery. The Senate’s probe seeks to ensure that this substantial investment is justified and that the petroleum sector operates with the necessary transparency and efficiency.