House Public Accounts Committee Recovers Additional ₦11.49 Billion from Oil Companies
…Total Recovery Now ₦61.5 Billion
…Committee to Defaulting Firms: “We Will Not Tolerate Evasion of Responsibility”
Admin April 30, 2025
The House of Representatives has intensified efforts to recover unremitted public funds, as its Public Accounts Committee (PAC) announced the recovery of an additional ₦11.49 billion from oil and gas companies indebted to the Federal Government.
This latest recovery brings the Committee’s total haul to ₦61.5 billion, following a series of audits and investigations based on reports from the Auditor-General and records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). These efforts have compelled several companies to settle outstanding liabilities.
Breakdown of Recently Recovered Funds:
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)
Total Recovery in This Phase: ₦11,488,761,099
Firms Ignoring Summons Despite Heavy Debts
However, several oil companies have yet to respond to formal summons despite owing significant sums—amounting to over $384 million and ₦325.7 million:
Neconde Energy Ltd – $110.5 million and ₦325.7 million
Heirs Holdings – $137.7 million
AITEO Ltd – $34.8 million
Continental Oil & Gas Ltd – $31 million
General Hydrocarbon – $28.4 million
Energia Ltd – $19.5 million
Waltersmith OML 16 – $8.7 million
Bilton – $5 million
Pillar Oil Ltd – $4.6 million
Millennium Oil and Gas Ltd – $2.067 million
Conoil Producing Ltd – $1.1 million
Frontier OML 13 – $952,216.51
PAC Chairman Warns Defaulters: “We Will Not Tolerate Evasion of Responsibility”
In a press briefing, PAC Chairman Rep. Bamidele Salam denounced the evasive conduct of some oil companies, warning that Parliament will no longer tolerate disregard for its authority:
> “This Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people. 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.”
He further highlighted the national impact of recovering these funds:
> “No company is above the law. The funds being withheld are critical to the country’s growth and must not be hoarded while Nigeria suffers. Every company operating in Nigeria must settle its obligations promptly, as required by law.”
Under Section 88 of the 1999 Constitution (as amended), the House is empowered to summon individuals or entities to account for the management of public funds and ensure full compliance with national laws.
Rep. Akin Rotimi, Jr.
Spokesman, House of Representatives.
