The House of Representatives Public Accounts Committee has commenced investigations into alleged financial infractions involving the Nigerian National Petroleum Company Limited (NNPCL) and the Independent National Electoral Commission (INEC). The audit queries involve over N802.19 billion and are part of a wider review of findings contained in reports submitted by the Auditor-General for the Federation. The committee will question officials of both institutions at the National Assembly in Abuja on October 5 and 6, 2026.
The audit reports covering the 2021, 2022, and 2023 financial years raised concerns over transactions involving public funds, procurement processes, revenue management, payments, and compliance with government financial regulations. The NNPCL is expected to explain transactions linked to about N514 billion in alleged financial infractions contained in the 2021 audit report. INEC, on the other hand, is expected to respond to queries involving about N288.19 billion contained in the Auditor-General's 2022 report.
The committee, chaired by Bamidele Salam, derives its authority from Sections 85, 88, and 89 of the 1999 Constitution, as amended, and the relevant provisions of the House Rules. Its responsibility includes examining government accounts, investigating alleged revenue losses, and determining whether public institutions complied with financial regulations. A member of the committee disclosed that officials from NNPCL and INEC had been scheduled to appear before the lawmakers.
The NNPCL queries cover several transactions relating to domestic crude oil sales and Federation revenue. One of the major issues flagged by the Auditor-General involves an alleged irregular deduction of N343.64 billion from domestic crude oil sales. Another N83.66 billion was reportedly identified as miscellaneous revenue allegedly kept in a sinking fund account. The audit findings also raised questions over alleged unauthorized deductions of N82.95 billion from Federation revenue.
INEC is also expected to face questions over its financial dealings, with audit queries reportedly covering procurement processes, payments to contractors, and statutory deductions. The issues relate in part to expenditure incurred during the tenure of former INEC Chairman, Professor Mahmood Yakubu. The committee member said the audit queries included transactions associated with the commission's preparations for previous elections, including the 2019 general election.
The investigation comes amid continued scrutiny of the management of oil revenues and financial remittances by government-owned institutions. NNPCL plays a major role in Nigeria's petroleum sector, including crude oil production, trading, refining, and other activities connected to the country's oil industry. The financial accountability of the company therefore remains a major issue whenever questions are raised over revenue that should accrue to the Federation.
The Public Accounts Committee is expected to examine whether the agencies followed established financial procedures and whether outstanding issues raised by the Auditor-General have been satisfactorily addressed. The affected institutions are entitled to appear before the committee, explain the transactions in question, and submit documents or other relevant information. The committee will demand documents and explanations from the NNPCL and INEC to establish the circumstances surrounding the transactions.
Key points
- The investigation involves audit queries totaling over N802 billion.
- NNPCL and INEC officials are appearing before the committee to explain alleged financial infractions.
- The probe covers transactions relating to domestic crude oil sales, procurement processes, and statutory deductions.
