The House of Representatives Public Accounts Committee (PAC) has recovered an additional ₦11.49 billion from oil and gas companies with outstanding financial obligations to the Federal Government, raising the total amount recovered so far to ₦61.5 billion.
This was disclosed in a statement released on Tuesday, April 29, 2025, by the House Spokesman, Rep. Akin Rotimi, Jr.
The Committee, chaired by Rep. Bamidele Salam, attributed the recoveries to its sustained engagements and follow-ups based on findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
A breakdown of the newly recovered funds includes:
Platform Petroleum Ltd – $182,057.44 (₦291.29 million)
Midwestern Oil and Gas – $730,889.37 (₦1.17 billion)
Seplat Energies – ₦1.58 billion
Aradel Holdings – $3.9 million (₦6.1 billion)
Network Exploration & Production – $500,000 (₦775 million)
Shoreline Resources Ltd – $1 million (₦1.55 billion)
Despite these gains, the Committee expressed concern over several companies that have repeatedly ignored summons despite owing over $384 million and ₦325.7 million to the government.
Some of the defaulting firms include:
Neconde Energy Ltd – $110.5 million and ₦325.7 million
Heirs Holdings – $137.7 million
AITEO Ltd – $34.8 million
Continental Oil & Gas Ltd – $31 million
General Hydrocarbon – $28.4 million
Energia Ltd – $19.5 million
Waltersmith OML 16 – $8.7 million
Bilton – $5 million
Pillar Oil Ltd – $4.6 million
Millennium Oil and Gas Ltd – $2.067 million
Conoil Producing Ltd – $1.1 million
Frontier OML 13 – $952,216.51
Reacting to the situation, PAC Chairman Rep. Bamidele Salam issued a stern warning to the defaulters, stating that the Committee will not tolerate evasion of responsibility.
“These companies are withholding billions of naira owed to the federal government, and we will not allow them to disregard the authority of Parliament. If these companies believe they are too big to be held accountable, they must understand that their licenses are at risk,” he warned.
Salam emphasized that the withheld funds are critical to Nigeria’s development and must be remitted without delay.
“No company is above the law. Every company operating in Nigeria must settle its obligations promptly, as required by law,” he added.
Citing Section 88 of the 1999 Constitution (as amended), the House reaffirmed its authority to summon any individual or entity in matters relating to public funds and national accountability.
