House of Representatives Recovers Additional ₦11.49 Billion from Oil and Gas Companies
PAC Secures Total Recovery of ₦61.5 Billion in Outstanding Debts
The Public Accounts Committee (PAC) of the House of Representatives has announced the recovery of ₦11,488,761,099 from oil and gas companies with outstanding financial obligations to the Federal Government. This latest recovery brings the committee’s total secured funds to ₦61.5 billion.
Breakdown of Recovered Funds
According to House Spokesperson Rep. Akin Rotimi Jr., the recent recoveries include:
- 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)
Committee’s Investigation Process
The PAC’s recovery efforts are based on findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). These sources have guided the committee’s sustained engagements with oil firms to ensure accountability for unremitted funds.
Defaulting Companies Face Scrutiny
Despite multiple invitations, several oil and gas companies failed to appear before the committee. These defaulting firms collectively owe:
- 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 Issues Stern Warning
PAC Chairman Bamidele Salam condemned the non-compliance by certain oil companies, stating: “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.”
Salam warned that defaulting companies risk license revocation: “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.”
Full credit to the original publisher: Daily Trust