The House of Representatives’ Public Accounts Committee has successfully recovered $19.24 million (approximately N28.7 billion) from two oil companies as part of its ongoing efforts to address outstanding revenue owed to the Federation Account.
This recovery follows an investigation into 45 oil firms with a combined debt of $1.7 billion, as highlighted in the 2021 Audit Report. According to a statement released by House spokesman Akin Rotimi, Chorus Energy Limited settled its outstanding liability by paying $847,623 (N1.2 billion) on March 11, 2025, while Seplat Production Development Limited fully discharged its obligation with a payment of $18.39 million (N27.6 billion) between March 10 and March 14, 2025.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with evidence of these payments for final verification. In a related development, Shoreline Natural Resources Ltd has already made a $30 million payment toward its $100.28 million debt and has requested a structured repayment plan for the remaining balance.
Further Debt Recovery Efforts
During the committee’s proceedings, NUPRC representative Balarabe Haruna confirmed that Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) currently holds a credit balance of $211,911.09 for crude oil royalties, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities. The committee commended Seplat Energy for its prompt compliance with financial obligations.
The House of Representatives committee, led by Bamidele Salam, reaffirmed its commitment to recovering outstanding debts from 38 remaining oil companies still under investigation. Companies such as Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company have fully settled their financial obligations.
Investigating Revenue Leakages
In a separate development, the committee also recovered ₦199.3 million from excessive charges and unremitted Value Added Tax (VAT) on transactions processed through Remita between 2015 and 2022. This follows a House directive in 2024 to investigate revenue leakages across Ministries, Departments, and Agencies (MDAs).
An audit of financial records revealed that while ₦7.62 billion had already been refunded, an outstanding amount of ₦1.98 billion remains unpaid. When adjusted for the Monetary Policy Rate of 27.25%, the total refundable amount stands at ₦6.83 billion.
The committee confirmed that Guaranty Trust Bank settled ₦40.6 million in overdue charges on March 13, 2025, while additional VAT liabilities were uncovered. Following the committee’s intervention, Zenith Bank remitted ₦126.13 million, while Guaranty Trust Bank paid ₦32.59 million.
Ensuring Accountability and Transparency
Committee Chairman Bamidele Salam emphasized the importance of legislative oversight in ensuring financial accountability. He stated:
“These recoveries demonstrate the effectiveness of the National Assembly’s oversight functions in preventing revenue leakages. We will continue to engage with relevant institutions and use all legislative tools necessary to recover outstanding debts and ensure that every kobo due to the Federation is accounted for and remitted accordingly.”
With ongoing investigations, the committee remains committed to strengthening transparency and fiscal responsibility in Nigeria’s oil and financial sectors.
