HOUSE COMMITTEE ON PUBLIC ACCOUNTS SECURES COMMITMENT FROM SEVEN OIL FIRMS TO REMIT $37.4 MILLION TO FG’S ACCOUNT
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The House of Representatives Committee on Public Accounts has secured the commitment of seven major oil and gas operators in Nigeria to remit a total of $37,435,094.52 (approximately ₦58 billion) to the Federation Account before August 2025.
This development follows the Committee’s review of financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which exposed significant gaps in royalty payments and reconciliation processes in the sector.
According to Rep Akin Rotimi, the House Spokesperson, the pledged repayment is part of a ₦9 trillion outstanding liability flagged by the Auditor General for the Federation in his 2021 report submitted to the National Assembly. These debts, accumulated over the past four years, underscore persistent revenue leakages in the oil and gas industry.
Beyond these seven companies, the Committee’s investigation has uncovered a total of $1.7 billion (₦2.5 trillion) owed by 45 oil and gas firms in unpaid royalties as of December 31, 2024.
THE FOLLOWING SEVEN COMPANIES HAVE ACKNOWLEDGED THEIR OUTSTANDING DEBTS AND AGREED TO SETTLE THEM BEFORE AUGUST 2025:
- Belema Oil
- Panocean Oil Nigeria Ltd
- Newcross Exploration & Production Ltd
- Dubri Oil Company Ltd
- Chorus Energy
- Amni International
- Network Exploration
Nine companies, with a combined outstanding balance of $429.2 million, have contested the figures and requested a reconciliation process with NUPRC to verify their actual liabilities. These companies include:
- Aradel/Niger Delta
- Chevron
- Esso Erha
- Esso Usan
- Eroton Exploration
- Seplat Energy
The Committee has directed that the reconciliation process be completed within two weeks, after which companies must settle their confirmed debts without further delay.
A total of 28 companies, collectively owing $1,230,708,293.14, have failed to respond to public notices or honor invitations by the Committee. These companies include:
- Addax Petroleum Exploration Nigeria Ltd
- AITEO Group
- All Grace Energy
- Amalgamated Oil Company Nigeria Ltd
- Total E&P Nigeria (OML 100, 102, 52 & 99)
- Bilton Energy Ltd
- Enageed Resources Ltd
- Waltersmith Petroman Ltd
- Conoil Plc
- STAR DEEP
- Shore Line
- Seplat Producing Unlimited
- Continental Oil & Gas Company Ltd
- Energia Ltd
- First E&P Ltd
- Frontier Oil Ltd
- General Hydrocarbons Ltd
- Green Energy International Ltd
- Nigeria Agip Exploration Ltd (NAE)
- Neconde Energy Ltd
- Nigeria Petroleum Development Company (NPDC) – OML 60, 61 & 63
- Lekoil Oil and Gas Investments Ltd
- Midwestern Oil and Gas Ltd
- Millennium Oil and Gas Company Ltd
- Oando Oil Ltd (OML 60, 61 & 62)
- Heirs Holding
- Pillar Oil Ltd
- Platform Petroleum Ltd
- Universal Energy Ltd / Sinpec
- Sahara Field Production Ltd
- Oriental Energy Resources Ltd
The Committee has granted these companies a final grace period of one week to submit relevant documentation and appear before the Committee. Failure to comply within this timeframe will result in strict legislative and regulatory sanctions to enforce accountability and ensure compliance.
ONLY TWO COMPANIES WERE FOUND TO HAVE FULLY MET THEIR ROYALTY OBLIGATIONS:
- Shell Petroleum Development Company (SPDC)
- Shell Nigeria Exploration & Production
The House Committee on Public Accounts has vowed to ensure full compliance with statutory royalty payments, in line with the Petroleum Industry Act (PIA).
The House of Representatives also reaffirmed its commitment to enforcing compliance and safeguarding public revenue, stating that all oil and gas firms must fulfill their statutory financial obligations to support national development.
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