The probe followed findings contained in the Auditor General’s annual audit reports on outstanding regulatory and petroleum related obligations.
According to the 2023 audit report, NNPCL and oil companies operating under DAPPMAN, MOMAN and MEMAN owed NMDPRA ₦392.73 billion.
The debts, the report said, arose from Balancing Allowance, National Transport Average, 1 per cent Midstream and Downstream Gas Infrastructure Fund and legacy debts from imports, coastal and credit transactions.
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 has commenced investigation into ₦432.07 billion owed the Nigerian Midstream and Downstream){kind=link}