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Events / Nigeria House Audits Gas Supply to Gencos
Regulatory Forensic audit

Nigeria House Audits Gas Supply to Gencos

Analysis based on 12 articles · First reported Feb 10, 2026 · Last updated Feb 10, 2026

Sentiment
-20
Attention
4
Articles
12
Market Impact
Direct
Live prominence charts, article sentiment distribution, and event development timeline available on the NewsDesk Dashboard
Market Impact

The market is impacted by the uncertainty surrounding gas supply to power plants in Nigeria, potentially affecting energy sector investments. Allegations against Seplat Energy could lead to a decline in investor confidence and scrutiny of its operations.

Energy Utilities Government
Event Summary

The Nigeria===House of Representatives (Nigeria)'s ad-hoc committee, investigating power sector reforms and expenditures from 2006 to 2024, has formed a seven-man sub-committee to conduct a forensic audit of gas supplied to electricity generation companies (Gencos) nationwide. This decision follows a motion by Harrison Nwadike, who raised concerns about the Sapele Power Plant receiving gas for over a year without generating electricity. Chairman Al-Mustapha Aliyu highlighted public worries about Seplat Energy's alleged inadequate gas supply to Gencos. Seplat Energy's Managing Director, Ibiada Itoto, denied the claims, asserting the company's commitment to Nigeria's power sector. Olubukola Fasoyin, Seplat Energy's General Manager of Gas, revealed that the Sapele Power Plant owes Seplat Energy N20 billion for gas supplied. Nwadike alleged Seplat Energy's potential complicity in an economic crime, a claim Aliyu found concerning given Seplat Energy's stature.

Key Actions
95 Nigeria===House of Representatives (Nigeria) constituted a sub-committee for forensic audit
85 Seplat Energy accused of economic crime and inadequate gas supply
80 Harrison Nwadike moved motion for forensic audit
80 Sapele Power Plant failed to generate electricity despite gas supply
75 Sapele Power Plant indebted to Seplat Energy for N20 billion Seplat Energy
50 Ibiada Itoto dismissed allegations against Seplat Energy Seplat Energy
Entities Involved
govactor
Nigeria===House of Representatives (Nigeria)
The Nigeria===House of Representatives (Nigeria) has constituted an ad-hoc committee to investigate power sector reforms and expenditures, leading to the formation of a sub-committee for a forensic audit of gas supply to Gencos. This action aims to address alleged irregularities and ensure accountability in the power sector.
Importance 90 Sentiment 0
stock
Seplat Energy
Seplat Energy is facing allegations of being complicit in an economic crime by allegedly continuing to supply gas to the Sapele Power Plant despite its non-operation. The company denies these claims, stating its commitment to Nigeria's power sector reform agenda and highlighting that Sapele Power Plant owes it N20 billion.
Importance 85 Sentiment -40
priv
Sapele Power Plant
The Sapele Power Plant is under scrutiny for allegedly receiving gas supplies for over a year without generating electricity, leading to accusations of diverting gas. It is also reported to be indebted to Seplat Energy for N20 billion for gas supplied.
Importance 80 Sentiment -70
per
Harrison Nwadike
Harrison Nwadike, a member of the Nigeria===House of Representatives (Nigeria)'s ad-hoc committee, moved the motion for the forensic audit after discovering the Sapele Power Plant's non-operation despite gas supplies. He alleged Seplat Energy's potential complicity in an economic crime.
Importance 70 Sentiment 0
per
Al-Mustapha Aliyu
Al-Mustapha Aliyu, chairman of the ad-hoc committee, expressed concerns about Seplat Energy's alleged inadequate gas supply to Gencos and dismay over the company's supposed lack of internal mechanisms to detect misuse of gas supplies. He is overseeing the forensic audit.
Importance 65 Sentiment 0
cnt
Nigeria
Nigeria's power sector is facing significant challenges, including persistent outages and alleged irregularities in gas supply and utilization, prompting a forensic audit by the Nigeria===House of Representatives (Nigeria) to address these issues and ensure accountability.
Importance 60 Sentiment -10
per
Ibiada Itoto
Ibiada Itoto, Managing Director of Seplat Energy, dismissed allegations against the company, insisting on Seplat Energy's commitment to supporting the Federal Government's power sector reform agenda and ensuring the sustainability of Nigeria's power sector.
Importance 50 Sentiment -30
+ 2 more entities View on Dashboard
Relationships
Harrison Nwadike related ↔ Nigeria===House of Representatives (Nigeria)
Al-Mustapha Aliyu related ↔ Nigeria===House of Representatives (Nigeria)
Ibiada Itoto related ↔ Seplat Energy
Olubukola Fasoyin related ↔ Seplat Energy
Afam Victor Ogene related ↔ Nigeria===House of Representatives (Nigeria)
Seplat Energy related ↔ Sapele Power Plant
Nigeria===House of Representatives (Nigeria) related ↔ Seplat Energy
Nigeria===House of Representatives (Nigeria) related ↔ Sapele Power Plant
Harrison Nwadike related ↔ Seplat Energy
Harrison Nwadike related ↔ Sapele Power Plant
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