…Secure Additional ₦199.3 Million from Zenith Bank, GTB Through Investigation

By Gift Chapi Odekina, Abuja

The House of Representatives, through its Public Accounts Committee (PAC), has recovered $19,241,109.35 (approximately ₦28.7 billion) from two oil companies indebted to the Federation Account.

The Committee’s investigation, based on findings from the 2021 Audit Report, focuses on 45 oil companies collectively owing $1.7 billion in outstanding liabilities to the Federation.

According to a statement by House Spokesperson Akin Rotimi: Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (₦1.2 billion) on March 11, 2025.

Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (₦27.6 billion) between March 10 and March 14, 2025.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with evidence of these payments for final verification.

Additionally, Shoreline Natural Resources Ltd. had made a $30 million payment towards its $100.28 million debt before the investigation commenced and has requested a structured repayment plan for the outstanding balance.

During the Committee’s proceedings, a representative of the NUPRC, Balarabe Haruna, reported that following recent reconciliations:

Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of:

$211,911.09 for crude oil royalty,

$33.01 million for gas flare penalties,

$163,046.40 for concession rentals.

The Committee commended Seplat Energy for its prompt compliance with financial obligations and reaffirmed its commitment to recovering outstanding debts from the remaining 38 oil companies under investigation.

The following companies have fully settled their obligations and are no longer financially liable: Amalgamated Oil Company Nigeria Ltd,  Seplat Energy, Shell Exploration and Production, Shell Petroleum Development Company

In a separate development, the House Committee on Public Accounts recovered ₦199.3 million out of an outstanding ₦6.8 billion, consisting of:

Excessive charges levied between March and October 2015.

Unremitted VAT on transactions processed via the Remita platform from 2015 to 2022.

Investigation into Remita Revenue Leakages

In 2024, the House mandated the Committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita. This directive followed a motion sponsored by Hon. Jeremiah Umaru and was subsequently referred to the Committee.

Findings revealed that: The Federal Government had previously directed banks and Remita to refund 1% transaction charges collected between March and October 2015.

While ₦7.63 billion had been refunded, an outstanding sum of ₦1.98 billion remained unpaid.

Applying the Monetary Policy Rate (MPR) of 27.25%, accumulated interest on the unpaid sum amounts to ₦4.84 billion, bringing the total refundable amount to ₦6.83 billion.

On March 13, 2025, the following payments were made:

Guaranty Trust Bank (GTB) settled ₦40.6 million in overdue charges for the 2015 period.

Zenith Bank remitted ₦126.13 million.

Guaranty Trust Bank paid ₦32.58 million.

However, the Central Bank of Nigeria (CBN) still holds an outstanding VAT liability of ₦521.77 million for transactions between November 2018 and April 2024.

Despite these recoveries, several value chain providers are yet to comply with VAT remittance requirements and other under-remittances identified in the investigation.

Chairman of the House Public Accounts Committee, Rep. Bamidele Salam, reaffirmed the Committee’s resolve to recover public funds, stating:

“These recoveries demonstrate the effectiveness of the National Assembly’s oversight function in ensuring accountability and transparency in public fund management. We will continue to engage relevant institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages.”

He emphasized that the House remains committed to financial discipline, institutional accountability, and safeguarding public resources in the national interest.