*House of Reps Public Accounts C’ttee recovers N50bn debt from 4 oil coys in 1 Month
*It recovered N28.7bn and N21.4bn owed FG by the oil companies this month
*C’ttee Chairman says successes due to unwavering support of House leadership
*Issues 20-day ultimatum for 4 other companies to remit whooping sum of N34.8bn
By Aaron Ossai
The House of Representatives Committee on Public Accounts, PAC has successfully recovered an additional $14.2 million (N21.4 billion) from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector.
The latest recovery according to the House Spokesman, Hon. Akin Rotimi Jn follows an earlier announcement on March 16, 2025, of recoveries amounting to ₦28.7 billion ($19.24 million), bringing the total recovered so far to $33.44 million (₦50.1 billion).
The breakdown of the latest recoveries is as follows: Platform Petroleum Ltd: $1.9 million (N2.9 billio), Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion), Universal Energy: $523,845 (N785.7 million) and Aradel Energy Ltd: $10.3 million (N15.5 billion)
Speaking on the recoveries, the Chairman of the Committee, Hon. Bamidele Salam, credited the successes recorded to the unwavering support and leadership of the Speaker of the House, Hon. Abbas Tajudeen.
He noted that the Speaker’s firm commitment to legislative oversight and accountability has ensured that committees operate effectively, free from undue interference, and with a clear mandate to safeguard public resources.
“Under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance. The independence granted to committees like ours has enabled us to carry out our mandate diligently, ensuring that public funds are properly accounted for.
“This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” Hon. Salam stated.
In addition to the recovered funds, the Committee has issued a 20-day ultimatum for four companies to remit a total of $23.2 million (N34.8 billion) failure to comply within the stipulated timeframe will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.
The companies and their required payments are as follows: Total Energies: $2 million within 7 days, Seplat Energies (SPDC): $6.036 million and N1.5 billion within 7 days, Aradel Energy Ltd: $12.1 million within 7 days, Network Exploration: $3.1 million within 7 days.
Hon. Salam emphasized the Committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight.
The Committee also expressed concern over several companies that have disregarded invitations to appear before it. The following firms are now under heightened scrutiny and may face further actions if they continue to evade accountability.
