By Gift Chapi-Odekina, Abuja

The House of Representatives has announced that its Public Accounts Committee (PAC) has successfully recovered an additional $14.2 million (₦21.4 billion) from four oil and gas companies in its ongoing investigation into financial discrepancies in the sector.

Additionally, the committee has issued a 20-day ultimatum to four companies to remit a total of $23.2 million (₦34.8 billion), warning that failure to comply will result in public naming of defaulters in national newspapers and other sanctions.

According to House Spokesman, Rep. Akin Rotimi, Jr., this latest recovery follows an earlier announcement on March 16, 2025, of recoveries amounting to ₦28.7 billion ($19.24 million), bringing the total recovered so far to $33.44 million (₦50.1 billion).

The breakdown of the latest recoveries is as follows:

Platform Petroleum Ltd: $1.9 million (₦2.9 billion)

Midwestern Oil and Gas Ltd: $1.578 million (₦2.3 billion)

Universal Energy: $523,845 (₦785.7 million)

Aradel Energy Ltd: $10.3 million (₦15.5 billion)

Chairman of the Committee, Rep. Bamidele Salam, attributed these successes to the unwavering support of the Speaker of the House, Rt. Hon. Abbas Tajudeen, whose leadership has ensured effective oversight and accountability in public finance.

“Under the leadership of Speaker Abbas, the House has reinforced its commitment to fiscal transparency and good governance. The independence granted to committees like ours has enabled us to recover substantial sums and strengthen financial accountability in Nigeria,” Rep. Salam stated.

The committee has directed the following companies to remit outstanding payments within seven days: Total Energies: $2 million, Seplat Energies (SPDC): $6.036 million + ₦1.5 billion, Aradel Energy Ltd: $12.1 million and Network Exploration: $3.1 million

The PAC also expressed concern over several companies that have ignored invitations to appear before it, warning that further actions may be taken if they continue to evade accountability. These companies include: Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd and Pillar Oil Ltd.

Furthermore, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and appear before the committee on April 16, 2025, to finalize the matter.

The House emphasized that ongoing investigations into the 2021 Auditor General’s report have revealed that over ₦10 trillion in payments remain outstanding from industry operators to the Federation Account.

“The era of impunity and financial recklessness in the oil and gas sector is coming to an end. We are determined to recover every kobo owed to the Nigerian people and ensure public funds are managed with integrity,” Rep. Salam reaffirmed.

The House assured that further updates on the committee’s findings and enforcement actions will be provided in due course.