House PAC Retrieves Additional ₦11.49bn from Oil Companies

By Oluwakemi Kindness

The House of Representatives’ Public Accounts Committee (PAC) has ramped up its recovery efforts, announcing the retrieval of an additional ₦11,488,761,099 from oil and gas companies with outstanding obligations to the Federal Government.

This new tranche brings the total recovery secured by the Committee to ₦61.5 billion.

According to a statement on Tuesday by the Spokesman, House of Representatives, Representative Akin Rotimi, Jr., the Committee’s intensified efforts are anchored on findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

He says this has informed sustained engagements with oil firms to ensure accountability for unremitted funds and outstanding liabilities.

A breakdown of the recoveries in this phase which totalled ₦11,488,761,099 according to the statement includes:

– Platform Petroleum Ltd – $182,057.44 (₦291.29 million)

– Midwestern Oil and Gas – $730,889.37 (₦1.17 billion)

– Seplat Energies – ₦1.58 billion

– Aradel Holdings – $3.9 million (₦6.1 billion)

– Network Exploration & Production – $500,000 (₦775 million)

– Shoreline Resources Ltd – $1 million (₦1.55 billion)

Meanwhile, Chairman House Committee on Public Account, PAC, Representative Bamidele Salam, on Tuesday condemned the continued non-compliance by certain oil companies and issued a firm warning:

Speaking at a press briefing, Salam said the Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people.

He noted that these defaulting firms collectively owe over $384 million and ₦325.7 million to the Federal Government.

He said “these companies are withholding billions of naira owed to the federal government, and we will not allow them to disregard the authority of Parliament”.

“If these companies believe they are too big to be held accountable, they must understand that their licenses are at risk. We are prepared to recommend immediate revocation for any company that shows contempt for this Committee and the laws of the nation.”

Representative Salam further emphasised the importance of fulfilling legal obligations to ensure national development.