House Secures Commitment of Seven Oil Companies to Settle $37.4m Owed FG
CHIGOZIE AMADI
The House of Representatives has secured the commitment of seven oil companies to remit a total of $37,435,094.52 (approximately N58 billion) to the Federation Account before August 2025.
The seven oil companies are – Belema Oil,
Panocean Oil Nigeria Ltd, Newcross Exploration & Production Ltd, Dubri Oil Company Ltd, Chorus Energy, Amni International and Network Exploration.
The spokesperson of the House, Hon. Akin Rotimi, in a statement issued yesterday said the decision of the oil companies followed the ongoing investigation by the Public Accounts Committee which scrutinized the financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The committee had during the investigation flagged significant lapses in royalty payments and reconciliation processes across the sector.
The pledged repayment forms part of a N9 trillion outstanding liability queried by the Auditor General for the Federation in his 2021 report submitted to the National Assembly.
Rotimi said the debts, some of which have accrued over a period of four years, highlight long standing revenue leakages in the oil and gas sector.
The spokesperson added that beyond these seven companies, the Committee’s investigation has uncovered $1.7 billion (N2.5 trillion) owed by 45 oil and gas companies in unpaid royalty payments as of December 31, 2024.
Rotimi noted that nine companies, with a combined outstanding balance of $429.2 million, have contested the figures and requested a reconciliation process with NUPRC to verify their actual liabilities.
The companies include: Aradel/Niger Delta, Chevron, Star Deep, Shore Line, Seplat Producing Unlimited, Esso Erha, Esso Usan, Eroton Exploration and Seplat Energy.
Rotimi, however, said the Committee has directed that the reconciliation process be concluded within two weeks, after which companies must settle their confirmed debts without further delay.
