Internal Control and Risk Management in Oil and Gas Companies in Nigeria

Over the years, Nigerian oil and gas companies have faced significant mismanagement risks and problems. These failures include management issues for oil and gas companies, capital requirements issues, idiosyncratic financing issues, and bankruptcy for oil and gas companies. This study explores the impact of internal controls on risk management in Nigerian oil and gas companies. Research approach was adopted in this study. Topics of this study include 100 internal control officers, executives in oil and gas finance companies, compliance officers, senior and middle managers, and internal audits of selected oil and gas companies in Lagos State, Nigeria.Analyze data using descriptive and inferential statistics. This study shows that internal control has no significant effect on the credit risk management of Nigerian oil and gas companies (p>0.05). This study shows that internal control has a significant impact (p>0.05) on the commercial risk management of Nigerian oil and gas companies.This study shows that internal control has a significant impact (p < 0.05) on the financial risk management of Nigerian oil and gas companies. The study concluded that internal control affects risk management in Nigerian oil and gas companies. A regular review of the internal management of oil and gas companies is recommended to ensure compliance with guidelines set out in international best practice to minimize fraud, fraud and error