Nigeria’s Oil Sector Under Fire as Lawmakers Launch Fresh Probe

The Nigerian oil sector is facing scrutiny as lawmakers launch a new probe led by the House Committee on Petroleum Resources Downstream. The committee, chaired by Ikenga Ugochinyere, aims to uncover the truth behind issues affecting the downstream petroleum industry, including refinery failures, controversial acquisitions, and market concerns.

Ugochinyere expressed concern over the dominance of the Dangote Refinery in the domestic market, raising fears of a growing monopoly that could harm smaller players and damage competition. The committee will also investigate bottlenecks faced by local modular refineries in accessing crude oil, as well as the controversial acquisition of OVH Energy by the Nigerian National Petroleum Company Limited.

Ugochinyere hinted at potential amendments to the Petroleum Industry Act to address emerging issues and restore public confidence in the sector. The probe seeks to address unresolved issues and potentially expose corrupt practices in the industry.