The House of Representatives has announced that its Public Accounts Committee (PAC) has recovered an additional $14.2 million (N21.4 billion) from four oil and gas companies as part of its ongoing probe into financial irregularities in the sector.
The committee has also issued a 20-day ultimatum to four companies to remit $23.2 million (N34.8 billion) or risk public exposure in national newspapers and other penalties.
House Spokesman, Rep. Akin Rotimi, Jr., noted that this latest recovery follows an earlier announcement on March 16, 2025, of N28.7 billion ($19.24 million) in recoveries, bringing the total recovered so far to $33.44 million (N50.1 billion).
Breakdown of Latest Recoveries:
- 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)
PAC Chairman, Rep. Bamidele Salam, credited these achievements to the strong support of Speaker Rt. Hon. Abbas Tajudeen, whose leadership has reinforced accountability in public finance.
The committee has also directed the following companies to settle their outstanding payments within seven days:
- Total Energies: $2 million
- Seplat Energies (SPDC): $6.036 million + N1.5 billion
- Aradel Energy Ltd: $12.1 million
- Network Exploration: $3.1 million
Additionally, the PAC raised concerns over several companies that have ignored its summons, warning of further action if they continue to evade accountability. These companies include Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd.
Moreover, First E & P Oil Company has been instructed to reconcile a $90 million outstanding balance with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and appear before the committee on April 16, 2025, to resolve the issue.
The House underscored that investigations into the 2021 Auditor General’s report have revealed over ₦10 trillion in unpaid dues from industry operators to the Federation Account.
