The House of Representatives Public Accounts Committee (PAC) has issued a stern warning to 13 oil companies over their failure to honour official summons regarding unpaid oil revenues totaling $456.95 million (₦731.1 billion), threatening constitutional sanctions for continued non-compliance.
In a statement Spokesman, House of Representatives Rep. Akin Rotimi Jr. said despite repeated invitations and national newspaper notices, the companies have refused to appear before the Committee. PAC has now summoned them to appear without fail on July 2 and 3, 2025, or face punitive measures under relevant legislative provisions.
The non-compliant companies and their alleged liabilities include:
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Neconde Energy Ltd. – $325.7 million
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Continental Oil & Gas Ltd. – $57 million
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Heirs Holdings – $137.7 million
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Aiteo Ltd. – $34.8 million
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Energia Ltd. – $19.5 million
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General Hydrocarbon Ltd. – $22.5 million
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Eroton – $34.5 million
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Others include Conoil, Millennium Oil, Pillar Oil, Waltersmith, Bilton, and Frontier OML 13.
An additional six companies—including OML 18, Shoreline, Network Exploration, Aradel, Newcross Exploration, and Pan Ocean—have been asked to reappear in connection with $125.5 million in outstanding obligations.
PAC Chairman, Rep. Bamidele Salam, stated:
“Recalcitrant companies will face the constitutional consequences of their refusal to cooperate. We remain committed to enforcing accountability and recovering all public funds.”
The Committee also announced the recovery of $15.7 million (₦25 billion) from several oil firms, pushing total recoveries to ₦86.5 billion. These latest recoveries came from:
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TotalEnergies – $2 million
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Shoreline Natural Resources – $10 million
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OML 18 Resources – $3.47 million
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Enageed Resource Ltd. – $280,000
These remittances, now deposited in the Federation Account, are part of an ongoing probe triggered by the Auditor-General’s report on the 2021 Consolidated Financial Statements, which identified an estimated ₦9.4 trillion in unpaid obligations by oil and gas companies as of Q4 2024.
The House of Representatives reaffirmed its commitment to transparency, fiscal responsibility, and the protection of national resources in the public interest.
