The House of Representatives Public Accounts Committee, on Wednesday, warned 13 non-compliant oil companies to appear before it to answer questions in the ongoing probe of non-remittance of money due to the Federal Government, or face sanctions.
The companies allegedly owe the Federal Government about $456.95 million (N731.12 billion) in unremitted revenues.
In a statement by its spokesman, Hon. Akin Rotimi, the House noted that despite repeated invitations and public notices through national newspapers, the companies failed to appear before the committee.
He said the development prompted the committee to consider punitive actions, in line with legislative and constitutional provisions.
According to the statement, the companies include Conoil Producing Limited ($5 million), Continental Oil & Gas Limited ($57 million), Energia Limited ($19.5 million), Frontier OML 13 ($952,216.51) and Millennium Oil & Gas Limited ($2.07 million).
Others are Neconde Energy Limited ($326 million), Pillar Oil Limited ($4.6 million), Waltersmith OML 16 ($8.7 million), Aiteo Limited ($34.8 million), Bilton ($5 million), Heirs Holdings ($137.7 million), General Hydrocarbon Ltd ($22.5 million) and Eroton ($34.5 million).
‘The committee has scheduled the aforementioned companies to appear without fail on Wednesday, 2 July, and Thursday, 3 July 2025’, the statement stressed.
The committee also requested some oil companies to reappear before it in connection with alleged outstanding liabilities totalling $125.5 million.
They are OML 18 ($15.2 million), Shoreline ($70 million), Network Exploration ($2.6 million), Aradel ($8.2 million), Newcross Exploration ($25 million) and Ocean ($4.5 million).
The statement further quoted the chairman of the committee, Bamidele Salam as saying, ‘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’.
The warning comes as the committee announced the recovery of an additional $15.7 million (approximately N25 billion) from several oil companies, raising the total recovered amount to N86.5 billion.
This follows a comprehensive review of the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ended 31 December 2021.
‘The committee’s investigations revealed that oil and gas companies owe the Federation Account approximately N9.4 trillion as of Q4 2024, stemming from unpaid oil royalties, concession rentals, gas flare penalties, and other contractual obligations under Production Sharing Contracts Repayment Agreements, and Modified Carry Arrangements.
‘Latest recoveries amounting to $15.7 million (approximately N25 billion) include TotalEnergies ($2 million), Shoreline Natural Resources ($10 million), OML 18 Resources ($3,474,123) and Enageed Resource Ltd. ($280,000)
‘These funds have been remitted directly into the Federation Account and are considered a critical step in reinforcing fiscal responsibility within Nigeria’s extractive sector’, the statement read.
