- The House of Rep PAC targeted 45 oil companies collectively owing $1.7 billion and has recovered $19.24 million (N28.7 billion) from two oil companies.
- Chorus Energy Limited paid $847,623 (N1.2 billion), while Seplat Production Development Limited remitted $18.39 million (N27.6 billion).
The House of Representatives Public Accounts Committee (PAC) has intensified efforts to recover outstanding debts owed to the Federation Account, securing $19.24 million (N28.7 billion) from two oil companies.
This marks a significant step toward improving financial accountability and ensuring revenue owed to the government is remitted. The PAC’s investigation, based on the 2021 audit report, has targeted 45 oil companies collectively owing $1.7 billion.
In a major breakthrough, Chorus Energy Limited cleared its liability with a payment of $847,623 (N1.2 billion) on March 11, 2025, while Seplat Production Development Limited remitted $18.39 million (N27.6 billion) between March 10 and March 14, 2025.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with evidence of these payments for final verification. In addition, Shoreline Natural Resources Ltd. has paid $30 million toward its $100.28 million debt and is negotiating a structured repayment plan for the remaining balance.
The PAC also confirmed that major players such as Amalgamated Oil Company Nigeria Ltd., Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company have fully met their financial obligations.
Beyond the oil sector, the PAC has been investigating revenue leakages in Ministries, Departments, and Agencies (MDAs) related to excessive transaction charges and unremitted VAT on transactions processed via the Remita platform between 2015 and 2022.
Findings revealed that banks and Remita had refunded ₦7.62 billion out of an initial ₦9.6 billion charge, leaving an outstanding ₦1.98 billion. Applying the prevailing Monetary Policy Rate (MPR) of 27.25%, the accumulated interest on this unpaid sum has risen to ₦4.84 billion, bringing the total refundable amount to ₦6.83 billion.
Following the Committee’s intervention, Guaranty Trust Bank settled ₦40.6 million in overdue charges, while Zenith Bank and Guaranty Trust Bank remitted ₦126.1 million and ₦32.5 million, respectively, towards VAT liabilities. However, several financial institutions and service providers are yet to comply with VAT remittance requirements.
House PAC Chairman, Rep. Bamidele Salam, reaffirmed the Committee’s commitment to ensuring accountability. He stated,
“These recoveries highlight the effectiveness of the National Assembly’s oversight in safeguarding public funds. We remain determined to recover every outstanding kobo and prevent future revenue leakages.”
With ongoing investigations and recoveries, the PAC’s efforts underscore a renewed focus on fiscal responsibility, transparency, and the need for strict compliance in Nigeria’s financial and energy sectors.