….as recovered funds reach N86.5bn

By Gift ChapiOdekina,Abuja

The House of Representatives Public Accounts Committee (PAC) has vowed to sanction 13 non-compliant companies over an alleged debt of $456,952,216.51 to the Nigerian government in unremitted oil revenues, threatening constitutional sanctions over their persistent failure to respond to official summons and public invitations.

According to a statement by the House Spokesperson Akin Rotimi, despite repeated invitations and public notices through national newspapers, the listed companies have failed to appear before the Committee, prompting the PAC to consider punitive actions in line with legislative and constitutional provisions.

The alleged Liabilities amounting to $456,952,216.51 (₦731,123,546,416) involving Conoil Producing Ltd. ($5 million), Continental Oil & Gas Ltd. ($57 million), ⁠Energia Ltd. ($19.5 million), Frontier OML 13 ($952,216.51), Millennium Oil & Gas Ltd. ($2.067 million), Neconde Energy Ltd. ($325.7 million), ⁠Pillar Oil Ltd. ($4.6 million), Waltersmith OML 16 ($8.7 million), ⁠Aiteo Ltd. ($34.8 million), ⁠Bilton ($5 million), Heirs Holdings ($137.7 million), General Hydrocarbon Ltd. ($22.5 million), Eroton ($34.5 million)

“The Committee has scheduled the aforementioned companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025.

“The Public Accounts Committee (PAC) has also requested the following oil companies to reappear before the Committee, in connection with alleged outstanding liabilities totaling $125.5 million: OML 18 ($15.2 million), ⁠Shoreline ($70 million), ⁠Network Exploration ($2.6 million),⁠Aradel ($8.2 million), ⁠Newcross Exploration ($25 million),Pan Ocean ($4.5 million).

Chairman of the Committee, Rep. Bamidele Salam, stated:”Recalcitrant companies will face the constitutional consequences of their refusal to cooperate. We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people.

“The House of Representatives assures Nigerians of its unwavering commitment to accountability, transparency, and the diligent protection of public resources in the national interest.

The Committee also announced the recovery of an additional $15.7 million (approximately ₦25 billion) from several oil companies, raising the total recovered amount to ₦86.5 billion.

This follows a comprehensive review of the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ended December 31, 2021.

The Committee’s investigations revealed that oil and gas companies owe the Federation Account approximately ₦9.4 trillion as of Q4 2024, stemming from unpaid oil royalties, concession rentals, gas flare penalties, and other contractual obligations under Production Sharing Contracts (PSCs), Repayment Agreements, and Modified Carry Arrangements.

Latest Recoveries amounting to $15.7 million (approximately ₦25 billion):TotalEnergies ($2 million),Shoreline Natural Resources ($10 million),OML 18 Resources ($3,474,123),Enageed Resource Ltd. ($280,000).

These funds have been remitted directly into the Federation Account and are considered a critical step in reinforcing fiscal responsibility within Nigeria’s extractive sector.