The House of Representatives’ Public Accounts Committee (PAC) has recovered $19.24 million (approximately ₦28.7 billion) from two oil companies in a major revenue recovery effort based on findings from the 2021 Audit Report.
The investigation targeted 45 oil companies with a collective outstanding liability of $1.7 billion to the Federation Account. Key recoveries include:
- Chorus Energy Limited settled $847,623 (₦1.2 billion) on March 11, 2025.
- Seplat Production Development Limited paid $18.39 million (₦27.6 billion) between March 10 and March 14, 2025.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has received evidence of these payments for final verification.
Shoreline Natural Resources Ltd. had previously paid $30 million toward its $100.28 million debt and has requested a structured repayment plan for the outstanding balance.
A representative of NUPRC, Balarabe Haruna, reported that Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities.
The Committee praised Seplat Energy for its compliance and reaffirmed its commitment to recover outstanding debts from the remaining 38 oil companies under investigation.
₦199.3 Million Recovered from Remita Investigation
In a separate development, the PAC recovered ₦199.3 million from Zenith Bank and Guaranty Trust Bank (GTB) following an investigation into excessive charges and unremitted Value Added Tax (VAT) on transactions processed through the Remita platform between 2015 and 2022.
Following a directive from the House of Representatives in 2024, the Committee’s investigation revealed that:
- ₦7.63 billion had been refunded, but an outstanding ₦1.98 billion remains unpaid.
- Applying the prevailing Monetary Policy Rate (27.25%), the total refundable amount is ₦6.83 billion, including ₦4.84 billion in accrued interest.
Key recoveries include:
- GTB settled ₦40.6 million on March 13, 2025.
- Zenith Bank remitted ₦126.1 million.
- GTB paid ₦32.6 million for outstanding VAT charges.
Chairman of the PAC, Rep. Bamidele Salam, affirmed the Committee’s resolve to recover all outstanding public funds, stating:
“These recoveries reflect the effectiveness of our oversight role in ensuring accountability and transparency in public finance. We remain committed to protecting public resources and preventing future revenue leakages.”
The PAC remains focused on reinforcing financial discipline and institutional accountability in the management of public funds.
