By Chukwudi Obasi, Abuja
The House of Representatives, through its Public Accounts Committee (PAC), has recorded a significant breakthrough in its ongoing efforts to recover outstanding revenues, securing $19,241,109.35 (approximately ₦28.7bn) from two oil companies indebted to the Federation Account.
According to a statement by the House of Representatives spokesman, Akin Rotimi (jnr), the Committee’s investigation, based on findings from the 2021 Audit Report, focuses on 45 oil companies collectively owing $1.7bn in outstanding liabilities to the Federation.
The statement revealed that Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (₦1.2bn) on March 11, 2025.
Similarly, Seplat Production Development Limited fully discharged its obligation by remitting $18.39m (₦27.6bn) between March 10 and March 14, 2025.
Evidence of these payments has been furnished to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for final verification.
Additionally, Shoreline Natural Resources Ltd, which owed $100.28m, had made a $30m payment before the investigation commenced and has requested a structured repayment plan for the outstanding balance.
During the Committee’s proceedings, Balarabe Haruna, a representative of the NUPRC, reported that after recent reconciliations, Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities.
The Committee commended Seplat Energy for its prompt compliance with financial obligations.
Meanwhile, the Committee reaffirmed its commitment to deploying all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation. It also confirmed that Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company have fully settled their financial obligations and are no longer indebted to the Federation Account.
*₦199.3m recovered from Remita’s investigation
In a separate development, the House Committee on Public Accounts successfully recovered ₦199.3m out of an outstanding ₦6.8bn, which includes excessive charges levied between March and October 2015 and unremitted Value Added Tax (VAT) on transactions processed via the Remita platform from 2015 to 2022.
Rotimi’s statement recalled that the House of Representatives had 2024 directed the Committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies (MDAs) through Remita. This mandate followed a motion sponsored by Hon. Jeremiah Umaru, which was referred to the Committee for action.
According to the findings, the Federal Government had previously instructed value chain providers, including banks, Remita, and the Central Bank of Nigeria (CBN), to refund 1% of transaction charges collected via Remita between March and October 2015. An audit of banking and Remita records showed that while ₦7,626,503,441.42 had been refunded, an outstanding sum of ₦1,984,355,431.08 remained unpaid.
Applying the prevailing Monetary Policy Rate (MPR) of 27.25%, the accumulated interest on the unpaid sum amounted to ₦4,842,928,161.36, bringing the total refundable amount to ₦6,827,283,592.44. Following this investigation, the Committee confirmed that on March 13, 2025, Guaranty Trust Bank (GTB) settled ₦40.6m in overdue charges related to the March–October 2015 period.
Further investigations also uncovered non-remittance of VAT on transactions processed via Remita. The CBN acknowledged an outstanding VAT liability of ₦521,765,134.17 for transactions conducted between November 2018 and April 2024, which remains unsettled.
As a result of the Committee’s intervention, Zenith Bank remitted ₦126,131,692.86, while Guaranty Trust Bank paid ₦32,585,882.48.
However, several other value chain providers are yet to comply with VAT remittance requirements and other under-remittances flagged in the investigation.
The Chairman of the House Public Accounts Committee, Bamidele Salam, reiterated the Committee’s determination to ensure accountability and recover all public funds, stating:
“These recoveries demonstrate the effectiveness of the oversight function of the National Assembly in ensuring accountability and transparency in the management of public funds.
“We will continue to engage with relevant institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages. We aim to ensure that every kobo due to the Federation is accounted for and remitted accordingly.”
The House of Representatives, through the Public Accounts Committee, remains committed to upholding financial discipline, strengthening institutional accountability, and safeguarding public resources in the national interest.
