The Public Accounts Committee (PAC) of Nigeria’s House of Representatives has recovered an additional ₦11.49 billion from oil and gas companies that failed to meet their financial obligations to the Federal Government. This brings the total amount recovered by the Committee to ₦61.5 billion.
The recovered funds are a result of follow-ups on findings from the Auditor-General’s reports and data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). PAC has been engaging oil firms directly, demanding they pay unremitted funds and settle outstanding liabilities.
Companies involved in the latest round of repayments include Platform Petroleum Ltd, which returned $182,057.44 (₦291.29 million), Midwestern Oil and Gas with $730,889.37 (₦1.17 billion), and Seplat Energies which paid ₦1.58 billion. Aradel Holdings returned $3.9 million (₦6.1 billion), Network Exploration & Production paid $500,000 (₦775 million), and Shoreline Resources Ltd refunded $1 million (₦1.55 billion).
Despite repeated invitations through public notices and official letters, several oil companies have ignored the Committee. These defaulters owe over $384 million and ₦325.7 million. The list includes 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), and Frontier OML 13 ($952,216.51).
PAC Chairman, Rep. Bamidele Salam, in a statement signed by House Spokesperson Rep. Akin Rotimi, criticized the persistent refusal of some companies to cooperate. He warned that oil firms failing to comply may face license revocation. According to him, companies withholding payments are sabotaging national growth and must not be allowed to operate above the law.
He reminded all stakeholders that the House of Representatives, under Section 88 of the 1999 Constitution, has the legal right to summon any entity for questioning on public fund matters. The Committee remains committed to ensuring that every company doing business in Nigeria meets its legal obligations without exception.
