The Public Accounts Committee of the House of Representatives has successfully recovered N28.7 billion from oil companies following an extensive investigation into revenue leakages.
Oil Firms Settle Outstanding Liabilities
The probe, centered on an audit report from the Office of the Auditor General for the Federation for the 2021 financial year, led to payments from Chorus Energy Limited and Seplat Production Development Limited. According to House spokesman Akin Rotimi, Chorus Energy remitted $847,623 (N1.2 billion) on March 11, 2025, while Seplat settled its outstanding dues of $18.39 million (N27.6 billion) between March 10 and March 14, 2025.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed receipt of the payments and is conducting final verification.
Ongoing Efforts to Recover Additional Debts
The investigation also revealed that Shoreline Natural Resources Ltd. had already paid $30 million toward its total debt of $100.28 million before the probe began. The company has requested a structured repayment plan for the outstanding balance.
During a committee hearing, NUPRC representative Balarabe Haruna disclosed that Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance rather than any outstanding liabilities. This includes a surplus of $211,911.09 in crude oil royalty payments, $33.01 million in gas flare penalties, and $163,046.40 for concession rentals.
The committee commended Seplat Energy for its adherence to financial obligations and reiterated its commitment to recovering unpaid debts from 38 additional oil firms still under investigation.
Other Oil Companies Settle Debts
Rotimi further stated that Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company have fully settled their outstanding financial obligations.
Meanwhile, the House Committee on Public Accounts has also recovered N199.3 million from a total of N6.8 billion in unremitted funds, which included excessive charges levied between March and October 2015 and unremitted Value Added Tax (VAT) from transactions processed through the Remita platform between 2015 and 2022.
Investigating Revenue Leakages and Non-Remittance
The House of Representatives initiated this probe in 2024 to investigate revenue leakages and unremitted funds by Ministries, Departments, and Agencies (MDAs). The investigation was prompted by a motion sponsored by lawmaker Jeremiah Umaru and was subsequently assigned to the Public Accounts Committee.
The audit revealed that while N7.6 billion had already been refunded by banks and Remita, an outstanding sum of N1.98 billion remains unpaid. With the current Monetary Policy Rate (MPR) at 27.25 percent, accumulated interest on the unpaid sum has increased the total refundable amount to N6.83 billion.
On March 13, 2025, Guaranty Trust Bank (GTB) settled N40.6 million in overdue charges from March to October 2015. Additionally, Zenith Bank remitted N126.1 million, and GTB paid N32.6 million in unpaid VAT on transactions processed through Remita. However, several value chain providers have yet to comply with VAT remittance requirements.
Commitment to Transparency and Accountability
Chairman of the Public Accounts Committee, Bamidele Salam, reaffirmed the House’s dedication to financial accountability and preventing further revenue leakages.
“These recoveries demonstrate the National Assembly’s commitment to enforcing transparency in public fund management,” Salam stated. “We will continue working with institutions to recover outstanding debts and ensure all funds due to the Federation Account are fully remitted.”
The committee remains dedicated to enhancing financial oversight, reinforcing institutional accountability, and ensuring the prudent management of public resources for Nigeria’s economic stability and growth.
