The House of Representatives has successfully secured commitments from seven oil companies to remit a total of $37.4 million (approximately N58 billion) owed to the Federation Account by August 2025.
This development follows an ongoing investigation by the House’s Public Accounts Committee, which uncovered significant lapses in royalty payments and reconciliation processes within the oil and gas sector.
The companies involved are Belema Oil, Panocean Oil Nigeria Ltd, Newcross Exploration & Production Ltd, Dubri Oil Company Ltd, Chorus Energy, Amni International, and Network Exploration.
The investigation, which scrutinized financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), revealed long-standing revenue leakages in the sector.
In a statement issued yesterday, the House Spokesperson, Hon. Akin Rotimi, disclosed that the pledged repayment is part of a larger N9 trillion outstanding liability flagged by the Auditor General for the Federation in his 2021 report to the National Assembly. Some of these debts have accrued over four years, highlighting systemic issues in royalty payments.
Rotimi further revealed that the Committee’s investigation uncovered an additional $1.7 billion (N2.5 trillion) owed by 45 oil and gas companies in unpaid royalties as of December 31, 2024. Of these, nine companies—including Aradel/Niger Delta, Chevron, Star Deep, Shore Line, Seplat Producing Unlimited, Esso Erha, Esso Usan, Eroton Exploration, and Seplat Energy—have contested the figures, citing discrepancies. These companies have requested a reconciliation process with NUPRC to verify their actual liabilities.
The Committee has directed that the reconciliation process be concluded within two weeks, after which the companies must settle their confirmed debts without further delay. This move is part of broader efforts to address revenue leakages and ensure accountability in Nigeria’s oil and gas sector.
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