The Nigerian House of Representatives announced on Sunday that seven prominent oil and gas companies have agreed to pay a total of $37,435,094.52 (roughly N58 billion) to the Federation Account by August 2025. This pledge comes amid an ongoing investigation by the Public Accounts Committee into longstanding financial discrepancies in the oil and gas sector.
According to a statement released by Rep. Akin Rotimi Jr., spokesperson for the House, the commitment was made following a thorough review of financial records from the Nigerian Upstream Petroleum Regulatory Commission. The review uncovered significant lapses in royalty payments, concession rentals, gas flare penalties, and other obligations accruing from various contractual arrangements.
The companies that have acknowledged their debts include Belema Oil, Pan Ocean Oil Nigeria Ltd, Newcross Exploration & Production Ltd, Dubri Oil Company Ltd, Chorus Energy, Amni International, and Network Exploration. These firms have collectively committed to settling their outstanding liabilities before the set deadline.
This development is part of a broader investigation, which has previously summoned 48 oil companies to account for a combined debt of N9.4 trillion. In addition to the seven firms that have agreed to pay, the committee’s inquiry has revealed that 45 companies owe approximately $1.7 billion in unpaid royalties as of December 31, 2024.
The probe also noted that nine companies, with a total disputed liability of $429.2 million, are seeking a reconciliation process with the regulatory body to verify their actual debts. Meanwhile, 28 companies—reportedly owing over $1.23 billion—have not yet responded to committee invitations or public notices, prompting the House to grant them an extra week to submit the required documentation. Failure to comply with these demands could lead to strict legislative and regulatory actions.
In related news, the committee highlighted that only two firms—Shell Petroleum Development Company and Shell Nigeria Exploration & Production—have fully met their royalty obligations. The House Committee on Public Accounts has vowed to intensify its oversight of the sector to recover outstanding revenues and plug revenue leakages, in accordance with the Petroleum Industry Act.
As Nigeria continues to grapple with significant revenue losses from its oil and gas operations, the recent commitments by these companies serve as a reminder that adherence to statutory financial obligations remains critical for national development.
