The House of Representatives Public Accounts Committee has recovered an additional ₦11.49 billion from oil and gas companies with outstanding payments to the Federal Government, bringing the total amount recovered so far to ₦61.5 billion.
The committee, led by PDP lawmaker Bamidele Salam, intensified its recovery drive following revelations in the Auditor-General’s reports and data from the Nigerian Upstream Petroleum Regulatory Commission.
In a statement released Tuesday by the House spokesman, Akin Rotimi, the latest recovery includes: Platform Petroleum Ltd – $182,057.44 (₦291.29m); Midwestern Oil and Gas – $730,889.37 (₦1.17bn); Seplat Energies – ₦1.58bn; Aradel Holdings – $3.9m (₦6.1bn); Network Exploration & Production – $500,000 (₦775m); and Shoreline Resources Ltd – $1m (₦1.55bn).
Despite ongoing efforts, the committee expressed concern over the refusal of several oil and gas firms to honour official invitations and public notices. These defaulting companies reportedly owe over $384 million and ₦325.7 million to the Federal Government.
They include Neconde Energy Ltd ($110.5m and ₦325.7m), Heirs Holdings ($137.7m), AITEO Ltd ($34.8m), Continental Oil & Gas Ltd ($31m), and General Hydrocarbon ($28.4m). Others listed are 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), and Frontier OML 13 ($952,216.51).
Addressing journalists, Salam decried the persistent non-compliance by these firms and issued a strong warning, stating, “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, and we will not allow them to disregard the authority of parliament."
He further warned that companies refusing to cooperate could face serious consequences, including license revocation. “No company is above the law. The funds being withheld are critical to the country’s growth and must not be hoarded while Nigeria suffers. Every company operating in Nigeria must settle its obligations promptly, as required by law,” the statement concluded.
