•Recoveries now exceed N50bn
•Issues 20-day ultimatum to 4 coys to remit N34.8bn
•Attributes success to Speaker Abbas’ commitment to effective legislative oversight
By Joseph Erunke
Abuja-The House of Representatives said weekend its Public Accounts Committee, PAC, has successfully recovered an additional $14.2 million (N21.4 billion) from four oil and gas companies in its ongoing investigation into financial discrepancies in the sector.
The committee also 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 time frame will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers,” the committee threatened.
The House spokesman, Akin Rotimi Jr., who dislosed these in a statement yesterday, said: “This latest recovery 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 (N50.1 billion).”
According to him, the breakdown of the latest recoveries is as follows: Platform Petroleum Ltd, $1.9 million (N2.9 billion); 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, Bamidele Salam, credited the successes recorded to the unwavering support and leadership of Speaker of the House, Abbas Tajudeen.
He noted that the Speaker’s firm commitment to legislative oversight and accountability had 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,” Rep. Salam stated.
The committee issued a 20-day ultimatum to four companies to remit a total of $23.2 million (N34.8 billion),’’ he said.
According to him, 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 and Network Exploration: $3.1 million within 7 days.
Salam emphasized the committee’s commitment to enforcing compliance, warning that companies that failed to meet their financial obligations would face the full weight of legislative oversight.
The Committee also expressed concern over several companies that have disregarded invitations to appear before it.
The House said Frontier Oil and Gas; Conoil Producing;Walter Smith Petrochemical;Bilton; Energia Ltd; Aiteo Petroleum Ltd and Pillar Oil Ltd “are now under heightened scrutiny and may face further actions if they continue to evade accountability:”
“Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is expected to appear before the Committee on April 16, 2025, to finalize the matter.
“The actions of the Public Accounts Committee reflect the House of Representatives’ increasing resolve to ensure transparency, accountability, and financial discipline in the Nigerian oil and gas sector. Ongoing investigations are expected to uncover more discrepancies, with the Committee continuing its public hearings on the 2021 Auditor General’s report, which indicated that over ¦ 10 trillion in payments remain outstanding to the Federation Account from industry operators,”the statement further read.
“The era of impunity and financial recklessness in the oil and gas sector is coming to an end. We are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with the highest level of integrity,” Rep. Salam reaffirmed.
The House assured that further updates on the committee’s findings and enforcement actions will be provided in due course.
The post Reps c’ttee recovers additional N21.4bn from oil & gas coys appeared first on Vanguard News.
