ABUJA, Nigeria (VOICE OF NAIJA)- The House of Representatives Public Accounts Committee has issued a final warning to 13 oil companies accused of failing to remit $456.95 million (N731.12 billion) in revenues owed to the Federal Government, urging them to appear before it or risk severe sanctions.
According to a statement released Wednesday by the committee’s spokesman, Akin Rotimi, the companies have repeatedly ignored invitations and public notices published in national newspapers, prompting the committee to consider punitive measures in line with legislative and constitutional authority.
The companies listed include Conoil Producing Ltd ($5m), Continental Oil & Gas Ltd ($57m), Energia Ltd ($19.5m), Frontier OML 13 ($952,216.51), and Millennium Oil & Gas Ltd ($2.07m). Others are Neconde Energy Ltd ($326m), Pillar Oil Ltd ($4.6m), Waltersmith OML 16 ($8.7m), Aiteo Ltd ($34.8m), Bilton ($5m), Heirs Holdings ($137.7m), General Hydrocarbon Ltd ($22.5m), and Eroton ($34.5m).
“The Committee has scheduled the aforementioned companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025,” the statement stressed.
The committee also summoned several other oil firms to reappear over additional alleged liabilities totaling $125.5 million.
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These include OML 18 ($15.2m), Shoreline ($70m), Network Exploration ($2.6m), Aradel ($8.2m), Newcross Exploration ($25m), and Ocean ($4.5m).
Chairman of the Committee, Bamidele Salam, was quoted as saying, “Recalcitrant companies will face the constitutional consequences of their refusal to cooperate. We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people.”
Meanwhile, the committee announced it has recovered an extra $15.7 million (about N25 billion) from various oil companies, bringing total recoveries to ₦86.5 billion.
This development follows the committee’s extensive scrutiny of the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ending December 31, 2021.
“The Committee’s investigations revealed that oil and gas companies owe the Federation Account approximately N9.4 trillion as of Q4 2024, stemming from unpaid oil royalties, concession rentals, gas flare penalties, and other contractual obligations under Production Sharing Contracts (PSCs), Repayment Agreements, and Modified Carry Arrangements,” the statement noted.
Breakdown of the latest recoveries includes TotalEnergies ($2m), Shoreline Natural Resources ($10m), OML 18 Resources ($3,474,123), and Enageed Resource Ltd. ($280,000).
“These funds have been remitted directly into the Federation Account and are considered a critical step in reinforcing fiscal responsibility within Nigeria’s extractive sector,” the statement further read.