Reps reveal 48 oil firms are owing FG N2trn

The House of Representatives has announced that seven major oil and gas operators in Nigeria have agreed to remit a total of $37,435,094.52 (approximately N58 billion) to the federation account before August 2025.

 This commitment follows an ongoing investigation by the Public Accounts Committee of the Green Chamber.

In a statement released by Akin Rotimi, spokesperson of the House of Representatives, it was noted that the decision came after the committee scrutinized financial records from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), uncovering significant lapses in royalty payments and reconciliation processes within the sector.

Rotimi stated that the pledged repayment is part of a N9 trillion outstanding liability queried by the Auditor-General for the Federation in a 2021 report submitted to the National Assembly. He noted that some of the debts have accumulated over four years, highlighting persistent revenue leakages in the oil and gas sector.

The companies acknowledged their outstanding debts and pledged to clear them before August 2025.

In addition to these seven companies, the committee’s investigation revealed that 45 oil and gas firms owe $1.7 billion (N2.5 trillion) in unpaid royalties as of December 31, 2024.

“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 statement reads.

“These companies include Aradel/Niger Delta, Chevron, STAR DEEP, Shore Line, Seplat Producing Unlimited, Esso Erha, Esso Usan, Eroton Exploration, and Seplat Energy.

“The committee has directed that the reconciliation process be completed within two weeks, after which companies are required to clear their verified debts without further delay.”

Rotimi added that 28 companies, with a combined debt of $1,230,708,293.14, have neither responded to public notices nor honored the committee’s invitations.

“These companies include Addax Petroleum Exploration Nigeria Ltd, AITEO Groups, All Grace Energy, Amalgamated Oil Company Nigeria Limited, Total E&P Nigeria (OML 100, 102, 52 & 99), Bilton Energy Limited, Enageed Resources Limited, Waltersmith Petroman Limited, Conoil Plc, Continental Oil & Gas Company Ltd, Energia Limited, First E&P Ltd, Frontier Oil Limited, General Hydrocarbons Limited, Green Energy International Ltd, Nigeria Agip Exploration Ltd (NAE), Neconde Energy Limited, Nigeria Petroleum Development Company (NPDC) – OML 60, 61 & 63, Lekoil Oil and Gas Investments Limited, Midwestern Oil and Gas Limited, Millennium Oil and Gas

Company Limited, Oando Oil Ltd (OML 60, 61 & 62), Heirs Holding, Pillar Oil Limited, Platform Petroleum Limited, Universal Energy Limited / Sinpec, Sahara Field Production Limited, and Oriental Energy Resources Limited.

 

“The committee has given the affected companies a further grace period of one week to submit all relevant documentation regarding their statutory obligations and appear before the committee.”

Rotimi said the panel also warned that failure to comply within the stipulated timeframe would attract firm legislative and regulatory sanctions to enforce accountability.

He stated that only two companies, Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration and Production, have fully complied with their royalty payment obligations.

According to the lawmaker, the committee affirmed its commitment to ensuring that all oil and gas companies operating in Nigeria comply with statutory payment obligations under the Petroleum Industry Act (PIA). The committee also pledged to intensify oversight to recover outstanding revenues and address revenue leakages in the industry.