The Public Accounts Committee (PAC) of the House of Representatives has announced the recovery of an additional ₦11.49 billion from oil and gas companies with outstanding obligations to the Federal Government. This brings the total amount recovered by the Committee to ₦61.5 billion.
According to Spokesman, House of Representatives Rep. Akin Rotimi Jr., the latest recoveries follow intensified oversight efforts based on findings from the Auditor-General’s reports and data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). These efforts have focused on holding oil sector operators accountable for unremitted funds and unpaid liabilities.
Breakdown of Recent Recoveries
-
Platform Petroleum Ltd – $182,057.44 (₦291.29 million)
-
Midwestern Oil and Gas – $730,889.37 (₦1.17 billion)
-
Seplat Energies – ₦1.58 billion
-
Aradel Holdings – $3.9 million (₦6.1 billion)
-
Network Exploration & Production – $500,000 (₦775 million)
-
Shoreline Resources Ltd – $1 million (₦1.55 billion)
Total Recovered in This Phase: ₦11,488,761,099
Despite this progress, several companies have refused to appear before the Committee or respond to summons, even as they collectively owe over $384 million and ₦325.7 million to the Federal Government.
List of Non-Compliant Companies
-
Neconde Energy Ltd – $110.5 million + ₦325.7 million
-
Heirs Holdings – $137.7 million
-
AITEO Ltd – $34.8 million
-
Continental Oil & Gas Ltd – $31 million
-
General Hydrocarbon – $28.4 million
-
Energia Ltd – $19.5 million
-
Waltersmith OML 16 – $8.7 million
-
Bilton – $5 million
-
Pillar Oil Ltd – $4.6 million
-
Millennium Oil and Gas Ltd – $2.067 million
-
Conoil Producing Ltd – $1.1 million
-
Frontier OML 13 – $952,216.51
PAC Chairman Issues Strong Warning
Chairman of the PAC, Rep. Bamidele Salam, condemned the continued non-compliance by defaulting firms and issued a stern warning during a press briefing: “This Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people. If these companies believe they are too big to be held accountable, they must understand that their licenses are at risk. We are prepared to recommend immediate revocation for any company that shows contempt for this Committee and the laws of the nation.”
He reiterated that no entity operating within Nigeria is above the law, noting that the withheld funds are critical to national development. “Every company operating in Nigeria must settle its obligations promptly. The funds owed are essential to the country’s growth and cannot be left in limbo while citizens bear the consequences.”
The House of Representatives derives its authority from Section 88 of the 1999 Constitution (as amended), which empowers it to summon individuals or entities and investigate the management of public funds.
