By Joy Odor, Abuja
The Public Accounts Committee (PAC) of the House of Representatives has announced the recovery of an additional ₦11.49 billion from oil and gas companies with outstanding financial obligations to the Federal Government.
This latest recovery pushes the Committee’s total recovered funds to ₦61.5 billion, marking a significant milestone in its ongoing drive to enforce accountability within the petroleum sector.
The Committee’s intensified actions stem from findings in the Auditor-General’s reports and data provided by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which revealed widespread instances of unremitted revenues and unpaid statutory obligations by several oil companies operating in Nigeria.
Breakdown of Newly Recovered Funds:
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 recovered in this phase: ₦11,488,761,099.
Despite multiple official summons and public notices, the Committee said several oil and gas companies have failed to appear before Parliament to account for their debts.
According to PAC, these firms owe a staggering $384 million and ₦325.7 million to the Federal Government.
Major Defaulters Include:
Neconde Energy Ltd – $110.5m + ₦325.7m
Heirs Holdings – $137.7m
AITEO Ltd – $34.8m
Continental Oil & Gas – $31m
General Hydrocarbon – $28.4m
Energia Ltd – $19.5m
Waltersmith OML 16 – $8.7m
Bilton – $5m
Pillar Oil Ltd – $4.6m
Millennium Oil and Gas Ltd – $2.07m
Conoil Producing Ltd – $1.1m
Frontier OML 13 – $952,216.51
However, Speaking at a press conference, PAC Chairman, Rep. Bamidele Salam, condemned the continued non-compliance by the defaulting firms and warned that Parliament would not hesitate to act decisively.
“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. If they believe they are too big to be held accountable, they must know that their licenses are at risk,” Salam warned.
He added that the Committee is ready to recommend immediate revocation of licenses for companies that continue to ignore summons or show disregard for national laws.
“No company is above the law. These funds are critical to national development and must not be hoarded while Nigeria suffers,” he said.
The House of Representatives, empowered by Section 88 of the 1999 Constitution (as amended), has the authority to investigate and summon any individual or entity to account for public funds, ensuring financial transparency and strict adherence to the nation’s fiscal laws.
The Committee affirmed its resolve to continue tracking every kobo owed to the country, stating that public accountability is essential to restoring confidence in governance and sustaining national development.
