The House of Representatives Public Accounts Committee (PAC) has recovered $19.24 million (N28.7 billion) from two oil companies indebted to the Federation Account as part of an ongoing effort to address outstanding liabilities in the oil and gas sector.
In a statement released yesterday, the House Spokesman, Akin Rotimi, disclosed that the recovery stems from a comprehensive investigation based on the 2021 audit report. The probe focuses on 45 oil companies collectively owing $1.7 billion to the federation.
Chorus Energy Limited settled its debt with a payment of $847,623 (N1.2 billion) on March 11, 2025, while Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (N27.6 billion) between March 10 and March 14, 2025. Rotimi confirmed that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with evidence of these 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.
During the committee’s proceedings, NUPRC representative 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 panel commended Seplat Energy for its prompt compliance with financial obligations and reaffirmed its commitment to deploying all constitutional measures to recover debts from the remaining 38 oil companies under investigation.
The report also confirmed that Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company have fully settled their obligations and are no longer financially liable.
The statement further highlighted progress in the recovery of unremitted funds processed through the Remita platform. PAC successfully recovered N199.3 million out of an outstanding N6.8 billion, comprising excessive charges levied between March and October 2015 and unremitted Value Added Tax (VAT) on transactions processed via Remita from 2015 to 2022.
The Green Chamber had mandated the committee in 2024 to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita. The directive followed a motion sponsored by Jeremiah Umaru, which was subsequently referred to the PAC for action.
Meanwhile, the Ogoni Dialogue Committee has assured the Ogoni people of improved economic relief and justice following the conclusion of grassroots consultations across four local councils in Rivers State — Eleme, Tai, Gokana, and Khana.
The committee, inaugurated by the Federal Government, engaged local communities to gather input on the planned resumption of oil production in Ogoni land. Community representatives submitted their concerns and demands in a memorandum to the committee, setting the stage for a more inclusive and transparent oil resumption process.
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