Reps Recover N28.7bn From Oil Companies

The House of Representatives, through its Public Accounts Committee (PAC), has recovered an outstanding revenue of $19,241,109.35 (approximately ₦28.7bn) from two oil companies indebted to the Federation Account within one week.

The committee’s investigation, which is based on findings from the 2021 Audit Report, focused on 45 oil companies collectively owing $1.7bn in outstanding liabilities to the government.

This was contained in a statement issued on Sunday by the spokesman of the House, Akin Rotimi.

According to the statement, Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (₦1.2bn) on March 11, 2025.

Also, Seplat Production Development Limited fully discharged its obligation by remitting $18.39m (₦27.6bn) between March 10 and March 14, 2025.

The statement noted that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with evidence of the payments for final verification.

“Additionally, Shoreline Natural Resources Ltd. had made a $30 million payment towards its $100.28 million debt before the investigation commenced and has requested a structured repayment plan for the outstanding balance,” the statement added.

During the Public Account Committee’s proceedings, a representative of the NUPRC, Balarabe Haruna, reported that following recent reconciliations, Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $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 its financial obligations.

Furthermore, the committee reaffirmed its commitment to deploying all constitutional measures to recover outstanding debts from the remaining 38 oil companies under investigation.

The statement further highlighted that four companies—Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company—had fully settled their obligations and are no longer financially liable.

Reps Recover N28.7bn From Oil Companies is first published on The Whistler Newspaper