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He noted that malpractices in the past were often due to the lack of a regulatory framework but stressed that the current Petroleum Industry Act (PIA) would guide the panel’s recommendations.
On Thursday, the panel revealed its plan to summon over 22 key stakeholders and organizations from the oil and gas industry to provide critical information about recent developments in the sector.
This investigation follows a Senate resolution on July 3 to examine alleged malpractice within the industry, including the importation of substandard fuel products and the dumping of toxic diesel in Nigeria.
The Ad-hoc committee will also review payments to transporters over the past decade and investigate the status of 22 depots constructed by the defunct NNPC, which were intended to reduce road distribution of petroleum products.
During a press briefing in Abuja, Bamidele mentioned that those expected to appear include the Minister of State for Petroleum (Oil), Sen.
Heineken Lokpobiri, officials from the Federal Ministries of Finance and Trade and Investment, the Nigerian National Petroleum Company Limited (NNPCL), the National Engineering and Technical Company Limited (NETCO), the Central Bank of Nigeria (CBN), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The committee plans to engage with industry stakeholders to identify regulatory gaps and improve monitoring mechanisms to prevent violations of importation standards..
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