Reps Tackle 13 Oil Firms Over $457m Debt, Recover ₦86.5bn in Ongoing Probe

The House of Representatives Public Accounts Committee (PAC) has issued a final warning to 13 oil companies over alleged non-remittance of $456.95 million (₦731.12 billion) owed to the Federal Government.

Despite repeated summons and public notices, the companies reportedly failed to appear before the committee probing unremitted oil revenues. The committee is now threatening sanctions under Nigeria’s legislative and constitutional frameworks.

Defaulters Include:

• Neconde Energy Ltd – $326m
• Continental Oil & Gas Ltd – $57m
• Heirs Holdings – $137.7m
• Aiteo Ltd – $34.8m
• Energia Ltd – $19.5m
• Pillar Oil Ltd – $4.6m
• Eroton – $34.5m
• Others: Conoil, Waltersmith, Bilton, General Hydrocarbon, Frontier OML 13, Millennium Oil

The companies have been scheduled to appear before the committee on July 2 and 3, 2025.

More Firms Under Watch

Another set of oil companies has also been asked to reappear over $125.5 million in outstanding liabilities:

• Shoreline – $70m
• Newcross – $25m
• OML 18 – $15.2m
• Others: Aradel, Network Exploration, Ocean

₦86.5 Billion Recovered So Far

PAC Chairman Bamidele Salam announced that the committee has so far recovered $15.7 million (₦25bn) in fresh remittances from several firms, bringing total recoveries to ₦86.5bn.

Recent recoveries include:

• Shoreline Natural Resources – $10m
• TotalEnergies – $2m
• OML 18 Resources – $3.47m
• Enageed Resource Ltd – $280,000

Massive Debts Uncovered

The committee’s review of the Auditor-General’s 2021 report found that oil companies collectively owe ₦9.4 trillion in unpaid:

• Oil royalties
• Gas flare penalties
• Concession rentals
• Obligations under PSCs, Repayment Agreements, and Carry Arrangements

Salam reiterated the committee’s commitment to enforcing fiscal accountability, stating that “recalcitrant companies will face constitutional consequences.”