The Public Accounts Committee (PAC) of the Green Chamber (HoR) has recovered an extra ₦11.49 billion from several oil and gas companies found to be owing the Federal Government. This brings the total sum reclaimed by the committee to ₦61.5 billion in its ongoing probe into unremitted revenues.
According to the Committee, the latest recoveries were made possible through information drawn from the Auditor-General’s reports and data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The committee has been engaging oil firms to ensure financial accountability.
Some of the companies that remitted funds during this phase include:
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)
Altogether, the committee recovered ₦11,488,761,099 in this latest round.
The Chairman of the Committee lamented that despite repeated summons issued through official channels, several companies have declined to appear before the committee. These firms owe the Federal Government over $384 million and ₦325.7 million. Notable defaulters include:
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
Chairman of the Committee, Rep. Bamidele Salam, issued a stern warning during a media briefing, decrying the refusal of these companies to honor invitations. He stressed that no company operating in Nigeria is exempt from legal duties:
“We will not stand idly while firms withhold funds that belong to the Nigerian people. These debts must be cleared, and any company treating this process with disdain risks losing its operating license,” he said.
He added that the National Assembly remains committed to enforcing compliance with financial laws, as permitted under Section 88 of the 1999 Constitution (as amended), which authorizes the legislature to summon individuals or organizations in matters involving public revenue.
The committee’s actions are part of a broader effort to ensure that companies doing business in the country meet their financial commitments and contribute to national progress.
