₦731bn Oil Debt Scandal: Reps Threaten Sanctions as 13 Oil Firms Shun Summons
By Exponent News, Akure | June 19, 2025
In a sweeping move to enforce fiscal discipline, the House of Representatives has issued a stern ultimatum to 13 oil companies over their failure to remit a staggering $456.95 million (₦731.1 billion) in oil revenues to the Nigerian government — warning that constitutional sanctions will be applied if they continue to flout public summons.
The warning, issued by the House Public Accounts Committee (PAC), follows a series of ignored invitations and public notices extended to the companies through national newspapers. According to the committee, the firms’ persistent refusal to appear before the legislature undermines accountability and will no longer be tolerated.
Chairman of the Committee, Rep. Bamidele Salam, declared:
“Recalcitrant companies will face the constitutional consequences of their refusal to cooperate. We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people.”
Among the defaulting firms are high-profile operators such as Neconde Energy Ltd. (owing $325.7 million), Heirs Holdings ($137.7 million), Continental Oil & Gas Ltd. ($57 million), and Aiteo Ltd. ($34.8 million). The committee has now mandated that all 13 companies appear without fail on July 2 and 3, 2025.
Meanwhile, PAC has also summoned six additional oil firms — including Shoreline ($70 million), Newcross Exploration ($25 million), and Aradel ($8.2 million) — to reappear before it over unresolved liabilities amounting to $125.5 million.
The tough stance comes as the committee announced fresh recoveries of $15.7 million (₦25 billion) from several companies, bringing the total recovered funds to ₦86.5 billion so far. These amounts have already been paid into the Federation Account.
According to PAC’s ongoing audit based on the Auditor-General’s Annual Report, oil companies collectively owe the nation up to ₦9.4 trillion in unpaid royalties, concession rentals, gas flare penalties, and other contractual fees under various oil agreements as of Q4 2024.
Latest Recoveries Include:
Shoreline Natural Resources – $10 million
TotalEnergies – $2 million
OML 18 Resources – $3.47 million
Enageed Resource Ltd. – $280,000
The House of Representatives, through its spokesman Rep. Akin Rotimi Jr., reaffirmed its resolve to uphold transparency and protect public wealth:
“We are determined to hold all entities accountable. There will be no sacred cows in the fight to restore integrity to Nigeria’s extractive industry.”
This development marks a decisive escalation in the National Assembly’s bid to recover massive oil revenues and signals serious consequences for corporate defiance in Nigeria’s petroleum sector.
