House Public Accounts Committee Recovers Additional $14 Million from Oil Companies

The House of Representatives Public Accounts Committee (PAC) has successfully recovered an additional $14.2 million (N21.4 billion) from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector.

This latest recovery follows an earlier announcement on 16th March, 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 (N2.9 billion)

– Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion)

– Universal Energy: $523,845 (N785.7 million)

– Aradel Energy Ltd: $10.3 million (N15.5 billion)

Speaking on the recoveries, the Chairman of the Committee, Hon. Bamidele Salam, credited the successes recorded to the unwavering support and leadership of the Speaker of the House, Rt. Hon. Abbas Tajudeen, PhD., GCON.

He noted that the Speaker’s firm commitment to legislative oversight and accountability has ensured that committees operate effectively, free from undue interference, and with a clear mandate to safeguard public resources.

“Under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance. The independence granted to committees like ours has enabled us to carry out our mandate diligently, ensuring that public funds are properly accounted for. This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” Hon. Salam stated.

In addition to the recovered funds, the Committee has issued a 20-day ultimatum for four companies to remit a total of $23.2 million (N34.8 billion). Failure to comply within the stipulated timeframe will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.

The companies and their required payments are as follows:

– Total Energies: $2 million within 7 days

– Seplat Energies (SPDC): $6.036 million and N1.5 billion within 7 days

– Aradel Energy Ltd: $12.1 million within 7 days

– Network Exploration: $3.1 million within 7 days

Hon. Salam emphasised the Committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight.

The Committee also expressed concern over several companies that have disregarded invitations to appear before it. The following firms are now under heightened scrutiny and may face further actions if they continue to evade accountability:

– Frontier Oil and Gas

– Conoil Producing

– Walter Smith Petrochemical

– Bilton

– Energia Ltd

– Aiteo Petroleum Ltd

– Pillar Oil Ltd

Additionally, 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 is expected to appear before the Committee on April 16, 2025, to finalise the matter.

The actions of the Public Accounts Committee reflect the House of Representatives’ increasing resolve to ensure transparency, accountability, and financial discipline in the Nigerian oil and gas sector. Ongoing investigations are expected to uncover more discrepancies, with the Committee continuing its public hearings on the 2021 Auditor General’s report, which indicated that over ₦10 trillion in payments remain outstanding to the Federation Account from industry operators.

“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 that public funds are managed with the highest level of integrity,” Hon. Salam reaffirmed.

According to Hon. Akin Rotimi, Jr., the spokesperson, further updates on the Committee’s findings and enforcement actions will be provided in due course.