The House of Representatives’ Public Accounts Committee (PAC) has intensified efforts to recover public funds, announcing the retrieval of an additional ₦11.49 billion from oil and gas companies with outstanding liabilities to the Federal Government.
This latest recovery brings the Committee’s total secured funds to ₦61.5 billion, following months of investigation and engagement with defaulting firms.
The recoveries stem from findings in the Auditor-General’s reports and data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which revealed widespread non-compliance by oil firms with their financial obligations.
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
Major Defaulters Ignoring Summons
Despite repeated invitations through public notices and official letters, several oil and gas companies have failed to honour summons by the Committee. Collectively, these firms owe over $384 million and ₦325.7 million to the Federal Government:
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
“We Will Not Tolerate Evasion of Responsibility” – PAC Chair
At a recent press briefing, PAC Chairman Rep. Bamidele Salam condemned the continued defiance of certain oil companies and issued a stern warning:
“This Committee will not tolerate attempts by corporate entities to evade their responsibilities to the Nigerian people. These companies are withholding billions owed to the federal government, and we will not allow them to disregard the authority of Parliament. If they believe they are too big to be held accountable, they risk losing their licenses.”
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He added: “No company is above the law. The funds being withheld are critical to the country’s growth. Every company operating in Nigeria must fulfil its legal obligations without delay.”
The House of Representatives, empowered by Section 88 of the 1999 Constitution (as amended), has the authority to summon any individual or entity to account for public funds, thereby ensuring transparency and compliance with national laws.
