House Public Accounts Committee Recovers Additional ₦11.49 Billion From Oil Companies

…Total Recovery Now ₦61.5 Billion_

The House of Representatives’ Public Accounts Committee (PAC) has ramped up its recovery efforts with the  announcement of retrieving an additional ₦11,488,761,099 from oil and gas companies with outstanding obligations to the Federal Government.

This new tranche brings the total recovery secured by the Committee to ₦61.5 billion.

The Committee’s intensified efforts are anchored on findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

These have informed sustained engagements with oil firms to ensure accountability for unremitted funds and outstanding liabilities.

Breakdown of Recently Recovered Funds indicates the following:

– 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 Recovery in This Phase: ₦11,488,761,099*

A statement by Rep. Akin Rotimi, Jr.,
Spokesman, House of Representatives, noted that despite multiple invitations issued through public notices and official correspondence, several oil and gas companies have failed to appear before the Committee. These defaulting firms collectively owe over $384 million and ₦325.7 million to the Federal Government as follows:

– Neconde Energy Ltd – $110.5 million and ₦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

Speaking at a press briefing, House PAC Chairman, Rep. Bamidele Salam condemned the continued non-compliance by certain oil companies warning that “This Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people. These companies are withholding billions of naira owed to the federal government, and we will not allow them to disregard the authority of Parliament.

“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.”

Rep. Salam further emphasised the importance of fulfilling legal obligations to ensure national development, saying  “No company is above the law. The funds being withheld are critical to the country’s growth and must not be hoarded while Nigeria suffers. Every company operating in Nigeria must settle its obligations promptly, as required by law.”

The House of Representatives, under the powers granted by Section 88 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), is empowered to summon any individual or entity to provide evidence on matters relating to public funds, ensuring accountability and compliance with our national laws.