- The House of Representatives Public Accounts Committee (PAC) says it has recovered an additional $14.2 million (N21.4 billion) of outstanding debt.
- The committee has directed Total Energies to pay $2 million (£1.6 million) and instructed Seplat Energies (SPDC) to pay $6.04 million (£4.8 million) and N1.5 billion (£950,000) within the same timeframe.
The House of Representatives Public Accounts Committee (PAC) says it has recovered an additional $14.2 million (N21.4 billion) of outstanding debt to the federal government from four oil firms.
The sums recovered include $1.9 million (£1.5 million) from Platform Petroleum Ltd, $1.578 million (£1.26 million) from Midwestern Oil and Gas Ltd, $523,845 (£416,000) from Universal Energy, and $10.3 million (£8.2 million) from Aradel Energy Ltd.
This follows an earlier announcement on March 16, 2025, of recoveries amounting to N28.7bn ($19.24m), bringing the total amount so far recovered to $33.44m (N50.1bn).
Bamidele Salam, chairman of the PAC, warned that companies failing to meet their financial obligations would face the full weight of legislative oversight.
He noted that several companies, including Frontier Oil and Gas, Conoil Producing, and Walter Smith Petrochemical, have ignored the committee’s invitations and are now under heightened scrutiny.
The chairman added that Bilton, Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd may also face further action if they continue to evade accountability.
Additionally, Salam, in a statement by Akun Rotimi, the House spokesperson, stated that First E&P Oil Company has been directed to reconcile an outstanding balance of $90 million (£72 million) with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The company is expected to appear before the committee on 16 April to resolve the issue.
The PAC has given four companies a 20-day ultimatum to pay $23.2 million (£18.4 million), warning of possible sanctions, including public naming in national newspapers, if they fail to comply.
The committee has directed Total Energies to pay $2 million (£1.6 million) and instructed Seplat Energies (SPDC) to pay $6.04 million (£4.8 million) and N1.5 billion (£950,000) within the same timeframe.
Aradel Energy Ltd has been ordered to pay $12.1 million (£9.6 million), while Network Exploration owes $3.1 million (£2.46 million).
The PAC chairman attributed the success of these recoveries to the leadership of the House, according to a statement by Akin Rotimi, the House spokesperson.
“Under the leadership of Speaker Abbas Tajudeen, the House of Representatives has reinforced its commitment to fiscal transparency and good governance. The independence granted to committees like ours has enabled us to carry out our mandate diligently, ensuring that public funds are properly accounted for.
“This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” he stated.