The House of Representatives is intensifying efforts to hold oil companies accountable for financial obligations owed to the Federal Government, warning 13 firms over a combined \$457 million in unremitted revenues.
The Public Accounts Committee, chaired by Hon. Bamidele Salam, issued the ultimatum on Wednesday, stating that defaulting companies must appear before the committee or face constitutional sanctions.
According to the committee, the companies including Neconde Energy Ltd (\$326m), Continental Oil & Gas Ltd (\$57m), and Heirs Holdings (\$137.7m) have repeatedly ignored formal invitations and public summons to explain the non-payment of dues.
The committee has now scheduled July 2 and 3, 2025, as final appearance dates, emphasizing its resolve to enforce accountability in the oil and gas sector.
Beyond the warning, the committee also disclosed a fresh recovery of \$15.7 million (approximately N25 billion), bringing total recoveries from erring oil companies to N86.5 billion. The funds were directly remitted to the Federation Account and marked a significant step in redressing the sector’s financial opacity.
Further investigations based on the Auditor-General’s Annual Report revealed a staggering N9.4 trillion in debts owed by oil companies as of Q4 2024. These debts stem from unpaid oil royalties, gas flare penalties, concession rentals, and contractual obligations under various production-sharing agreements.
The committee is also summoning additional companies including Shoreline (\$70m), Aradel (\$8.2m), and OML 18 (\$15.2m), over separate liabilities totaling \$125.5 million. The lawmakers reaffirmed their commitment to full recovery, stating that any company refusing cooperation will face constitutional consequences.
In a statement, committee spokesman Akin Rotimi noted that the initiative is part of a broader push to instill fiscal discipline and transparency in Nigeria’s extractive industry. “We are fully committed to recovering every dollar owed to the Nigerian people. These are not just figures, they represent schools, hospitals, and jobs that our citizens deserve,” he said.
