- The House of Representatives recovered $19.24 million from Chorus Energy and Seplat Production, with complete settlements by Amalgamated Oil, Seplat Energy, and Shell.
- ₦199.3 million was recovered from Remita charges and VAT, with ongoing efforts to ensure full compliance.
The House of Representatives has achieved a significant breakthrough in recovering outstanding revenues, securing $19,241,109.35 (around ₦28.7 billion) from two oil companies owing the Federation Account.
The recovery was made through the Committee on Public Accounts, chaired by Rep. Bamidele Salam (PDP-Osun), during an investigative hearing on the 2021 Audit Report. The focus was on 45 oil companies with a combined debt of $1.7 billion to the Federation.
Chorus Energy Limited paid $847,623 (₦1.2 billion) on March 11, 2025, to settle its debt. Seplat Production Development Limited entirely cleared its outstanding obligation, remitting $18.39 million (₦27.6 billion) between March 10 and 14, 2025.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with evidence of these payments for final verification. Shoreline Natural Resources Ltd had already made a $30 million payment towards its $100.28 million debt before the investigation began and has requested a structured repayment plan for the remaining balance.
A NUPRC representative, Mr. Balarabe Haruna, reported that after recent reconciliations, Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance. This includes $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no remaining liabilities.
Rep. Salam praised Seplat Energy for its prompt compliance with financial obligations. The Committee also reaffirmed its commitment to using all constitutional measures to recover debts from the remaining 38 oil companies under investigation.
Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company have fully settled their obligations and are no longer financially liable.
In a related development, the Committee confirmed the recovery of ₦199.3 million out of an outstanding N6.8 billion through investigations into the Remita platform. This sum includes excessive charges between March and October 2015 and unremitted Value Added Tax (VAT) on transactions processed via the platform from 2015 to 2022.
In 2024, the House, following a motion by Hon. Jeremiah Umaru, tasked the Committee with investigating revenue leakages and non-remittance of funds by ministries, departments, and agencies (MDAs) through Remita.
A report revealed that ₦7,626,503,441.42 had been refunded by value chain providers, including banks and Remita, but ₦1,984,355,431.08 remains unpaid.
Rep. Salam reaffirmed the Committee’s commitment to recovering public funds. “These recoveries demonstrate the effectiveness of the National Assembly’s oversight function in ensuring accountability and transparency,” he said.
Rep. Akin Rotimi, Chairman of the House Committee on Media and Public Affairs, emphasised the House’s resolve to uphold financial discipline and safeguard public resources in the national interest.