The House of Representatives Public Accounts Committee (PAC) has recovered an additional $14.2 million (₦21.4 billion) from four oil and gas companies, pushing total recoveries in its ongoing financial probe beyond ₦50 billion.
This follows the March 16 announcement of ₦28.7 billion ($19.24 million) in recoveries, bringing the total amount reclaimed to $33.44 million (₦50.1 billion).
According to a statement signed by House Spokesman Rep. Akin Rotimi, Jr., the latest recoveries include Platform Petroleum Ltd: $1.9 million (₦2.9 billion), Midwestern Oil and Gas Ltd: $1.578 million (₦2.3 billion), Universal Energy: $523,845 (₦785.7 million) and Aradel Energy Ltd: $10.3 million (₦15.5 billion)
Chairman of the PAC, Rep. Bamidele Salam, attributed the success to the leadership of Speaker Rt. Hon. Abbas Tajudeen, PhD, GCON, whose commitment to legislative oversight has strengthened financial accountability. “Under Speaker Abbas’ leadership, we have intensified efforts to recover public funds and ensure fiscal transparency. The independence given to committees like ours has been crucial in these recoveries,” Rep. Salam stated.
The Committee has also issued a 20-day deadline for four companies to remit $23.2 million (₦34.8 billion) or face sanctions, including public disclosure of defaulters. The affected companies and required payments are Total Energies: $2 million (7-day deadline), Seplat Energies (SPDC): $6.036 million + ₦1.5 billion (7-day deadline), Aradel Energy Ltd: $12.1 million (7-day deadline) and Network Exploration: $3.1 million (7-day deadline)
Further scrutiny has been placed on several firms that have failed to respond to PAC invitations, including Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd.
Additionally, First E & P Oil Company must reconcile a $90 million outstanding balance with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and appear before the Committee on April 16, 2025.
The PAC’s ongoing investigation aligns with the House of Representatives’ broader agenda to enforce accountability in the oil and gas sector. Current probes indicate that over ₦10 trillion remains unpaid to the Federation Account by industry operators, as revealed in the 2021 Auditor General’s report.
“The era of financial recklessness in the sector is ending. We are committed to recovering every kobo owed to the Nigerian people and enforcing strict financial discipline,” Rep. Salam affirmed.
