By Aaron Ossai
The House of Representatives Public Accounts Committee has recovered a whooping sum of $19,241,109.35 (approximately ₦28.7bn) from two oil companies as part of efforts to retrieve outstanding revenue owed to the Federation Account.
The Committee’s investigation was based on findings from the 2021 Audit Report, targets 45 oil companies collectively owing $1.7bn in liabilities.
According to a statement issued by the House spokesperson Hon. Akin Rotimi on Sunday, Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (₦1.2 billion) on March 11, 2025.
“Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (₦27.6 billion) between March 10 and March 14, 2025,” the statement read.
The statement noted that the Nigerian Upstream Petroleum Regulatory Commission has been furnished with evidence of these payments for final verification.
“Shoreline Natural Resources Ltd had made a $30m payment towards its $100.28m debt before the investigation commenced and has requested a structured repayment plan for the outstanding balance.”
During the Committee’s proceedings, a representative of the NUPRC, Balarabe Haruna, reported that “Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01m for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities”, the statement read.
The Committee commended Seplat Energy for its prompt compliance with its financial obligations.
The Committee, chaired by Osun lawmaker, Bamidele Salam, pledged its readiness to use all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies currently being probed.
According to the statement, Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production and Shell Petroleum Development Company have all settled their financial obligations.
Meanwhile, the Committee, in another development, has successfully recovered ₦199.3m out of an outstanding ₦6.8bn “comprising excessive charges levied between March and October 2015 and unremitted Value Added Tax on transactions processed via the Remita platform from 2015 to 2022.”
