Senate Takes Action To Put An End To Economic Sabotage In Oil And Gas Sector

The determination of the leadership of the 10th Senate to address the widespread sabotage and corruption in the oil and gas sector has once again put the Red Chamber in the spotlight. According to Sunday Aborisade’s report, the Senate recently announced a comprehensive investigation into alleged economic sabotage in Nigeria’s oil and gas industry.

Unlike previous investigations led by any Senator, this time the adhoc committee responsible for the investigation is chaired by the Senate Leader, Senator OpeyemiBamidele. During a recent press conference, Bamidele faced skepticism from the media regarding the potential outcome of the investigation, but he remained confident that his panel could overcome the challenges ahead.

The committee plans to summon key stakeholders such as the Central Bank of Nigeria, Nigeria Port Authority, Nigerian National Petroleum Company Limited, Dangote Group, and Minister of State for Petroleum, Heineken Lokpobiri, for questioning. The investigation will also focus on the billions of dollars spent on turnaround maintenance of state-owned refineries in the past decade and the ongoing rift between the management of Dangote Group and the Downstream Petroleum Regulatory Authority.

Responding to questions, Bamidele emphasized that the committee’s mandate includes addressing all crises in the oil and gas sector, including the Dangote and NMDPRA rift. He assured the public that the committee would visit various facilities and gather insights from key actors in the petroleum industry in Lagos, Port Harcourt, and Warri.

The adhoc committee’s objectives also involve understanding why local refineries remain non-operational despite significant funds allocated for their maintenance and operations. The Nigerian National Petroleum Corporation Limited’s efforts to address this persistent problem will be closely examined.

The committee will also summon other stakeholders, including the Federal Ministry of Finance, Federal Ministry of Trade and Investment, Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the Nigerian Upstream Petroleum Regulatory Commission. The Standards Organisation of Nigeria, Nigerian Maritime Administration and Safety Agency, Nigeria Customs Service, Nigerian Navy, Obat Oil and Petroleum Limited, Matrix Energy Depot, Independent Petroleum Marketers Association of Nigeria, International Oil Companies (IOCs), the Depot and Petroleum Products Marketers Association of Nigeria, Major Oil Marketers Association of Nigeria, and Capital Oil and Modular Refineries are among the other parties to be summoned.

Bamidele highlighted the committee’s commitment to bringing to justice parties involved in the importation of adulterated fuel and diesel and reviewing current regulatory frameworks to prevent such occurrences in the future.

The adhoc committee will scrutinize the activities of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, including payments made to transporters over the past decade. Additionally, the committee will inquire about the state and status of the 22 depots built by the defunct NNPC to eliminate road distribution of petroleum products.

Bamidele urged stakeholders to cooperate with the committee for a lasting solution to the challenges in the oil sector. He emphasized the committee’s dedication to its strategic national interest mandate and expressed confidence in the members’ integrity to conduct the investigation objectively.

The committee also possesses the power to issue warrants of arrest against anyone who fails to attend its proceedings, regardless of their position or agency. Bamidele assured the press that the committee would act in the public interest and would not shy away from naming violators in its report.

With senators like Adams Oshiomhole, Abdul Ningi, OsitaIzunazo, late Senator IfeanyiUbah, DiketPlang, TahirMonguno, and Abdullah Yahaha also on the ad-hoc committee, Nigeria can hope for a rigorous and thorough investigation.