By Disun Amosun
Investigation by the Public Accounts Committee of the House of Representatives has started yielding positive results as seven major operators in Nigeria’s oil and gas industry have undertaken to remit a total of $37,435,094.52 (approximately ₦58 billion) to the Federation Account before August 2025.
This is sequel to the Committee’s scrutiny of financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which flagged significant lapses in royalty payments and reconciliation processes across the sector.
The pledged repayment is part of a ₦9 trillion outstanding liability queried by the Auditor General for the Federation in his 2021 report submitted to the National Assembly.
The debts, some of which have accrued over a period of four years, highlight long standing revenue leakages in the oil and gas sector.
Beyond the seven companies, the Committee’s investigation has uncovered $1.7 billion (₦2.5 trillion) owed by 45 oil and gas companies in unpaid royalty payments as of December 31, 2024.
Key Findings from the Investigation according to s release by the House Spokesman Rep Akin Rotimi Jnr. named the affected operating oil companies as Belema Oil, PanOcean Oil Nig. Ltd, Newcross Exploration and Production Ltd, Dubri Oil Company limited l, Chorus Energy, Amni International and Network Expiration.
The release added that an additional nine companies, with a combined outstanding balance of $429.2 million, have contested the figures and requested a reconciliation process with NUPRC to verify their actual liabilities.
Prominent among them are Chevron, Aradel/Niger Delta, Seplat Producing unlimited, STAR DEEP and Shore Line.
Others are Esso Usan, Esso Erha, Eroton Exploration and Seplat Energy.
The Committee has directed that the reconciliation process be concluded within two weeks, after which companies must settle their confirmed debts without further delay.
It added that a total of 28 companies, collectively owing $1,230,708,293.14, have failed to honor invitations by the Committee or respond to public notices for the purpose and that the Committee had given the affected companies a further grace period of one week to submit all relevant documentation regarding their statutory obligations and appear before the Committee.
The release was categorical in stating that failure to comply within the timeframe will result in firm legislative and regulatory sanctions to enforce accountability and ensure compliance.
