The House of Representatives Public Accounts Committee (PAC) has recovered an additional $14.2 million (₦21.4 billion) from four oil and gas companies, bringing the total amount retrieved in its ongoing financial probe to $33.44 million (₦50.1 billion).
This latest recovery followed an earlier announcement on March 16, 2025, when PAC reported securing ₦28.7 billion ($19.24 million) from companies found to have financial discrepancies in their dealings with the government. The newly recovered funds included $1.9 million from Platform Petroleum Ltd, $1.578 million from Midwestern Oil and Gas Ltd, $523,845 from Universal Energy, and $10.3 million from Aradel Energy Ltd.
Chairman of the Committee, Rep. Bamidele Salam, attributed the success of the investigation to the firm leadership of Speaker Rt. Hon. Abbas Tajudeen, who has provided the necessary backing for effective legislative oversight. He noted that the Speaker’s commitment to accountability has ensured that the House committees function independently and transparently in safeguarding public resources.
Following the latest recovery, PAC has directed four companies to remit a total of $23.2 million (₦34.8 billion) within the next 20 days or face sanctions, including public exposure in national newspapers. The affected companies and their required payments include Total Energies with $2 million, Seplat Energies (SPDC) with $6.036 million and ₦1.5 billion, Aradel Energy Ltd with $12.1 million, and Network Exploration with $3.1 million. Rep. Salam warned that the Committee would take decisive action against companies failing to meet their financial obligations.
Several oil firms that have failed to honor PAC invitations are now under heightened scrutiny. These companies include Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd. In addition, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is expected to appear before the Committee on April 16, 2025, to resolve the matter.
The House Public Accounts Committee continue its investigation into the 2021 Auditor General’s report, which identified over ₦10 trillion in unpaid dues from industry operators. Rep. Salam reaffirmed the Committee’s determination to recover outstanding funds and enforce financial discipline in the oil and gas sector, stated that the era of financial impunity was coming to an end.
