By Chukwudi Obasi, Abuja
The House of Representatives Public Accounts Committee (PAC) has recovered an additional $14.2m (N21.4bn) from four oil and gas companies, marking another milestone in its ongoing investigation into financial discrepancies within the sector.
House Spokesman Akin Rotimi, Jr., disclosed this in a statement on Sunday. This latest recovery follows an earlier announcement on March 16, 2025, when the Committee disclosed recoveries amounting to ₦28.7bn ($19.24m).
With this new development, the total sum retrieved has risen to $33.44m (₦50.1bn), signalling significant progress in the House’s commitment to enforcing fiscal accountability.
A breakdown of the latest recoveries shows that Platform Petroleum Ltd remitted $1.9m (₦2.9bn), Midwestern Oil and Gas Ltd paid $1.578m (₦2.3bn), Universal Energy settled $523,845 (₦785.7m).
Aradel Energy Ltd. made the highest single payment, $10.3 million (₦15.5bn).
According to the statement, Bamidele Salam, chairman of the Public Accounts Committee, attributed these successes to the strong leadership and unwavering support of the Speaker of the House, Abbas Tajudeen.
Salam emphasised that Speaker Abbas’ commitment to legislative oversight and accountability has strengthened the independence of House Committees, allowing them to function effectively without undue interference.
“Under Speaker Abbas’ leadership, the House of Representatives has reaffirmed its dedication to fiscal transparency and good governance. The autonomy given to committees like ours has enabled us to diligently execute our mandate, ensuring that public funds are appropriately accounted for.
“This has been instrumental in the recovery of these substantial sums, and we remain resolute in strengthening financial accountability across Nigeria,” Rep. Salam stated.
Beyond these recoveries, the Committee has issued a 20-day ultimatum to four additional companies, demanding the remittance of $23.2m (₦34.8bn).
Failure to comply within the stipulated timeframe will lead to enforcement actions, including publicly naming defaulters in national newspapers.
The affected companies and their outstanding obligations are as follows: Total Energies – $2m within seven days; Seplat Energies (SPDC) – $6.036m and ₦1.5bn within seven days; Aradel Energy Ltd – $12.1m within seven days; and Network Exploration – $3.1m within seven days
Salam reaffirmed the Committee’s determination to ensure compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight.
In addition, the Committee expressed deep concern over several oil and gas companies that have ignored repeated invitations to appear before it.
The following firms now face heightened scrutiny and potential sanctions if they continue evading accountability.
Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd and Pillar Oil Ltd.
Moreover, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The company has been summoned to appear before the Committee on April 16, 2025, to finalise the matter.
The actions taken by the Public Accounts Committee underscore the House of Representatives’ increasing resolve to enforce financial discipline and ensure greater transparency in the Nigerian oil and gas sector.
With ongoing investigations into the 2021 Auditor General’s report— which indicated that over ₦10trn in payments remain outstanding to the Federation Account—the Committee is expected to uncover further discrepancies and intensify its recovery efforts.
“The era of impunity and financial recklessness in the oil and gas sector is ending. We are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with the highest level of integrity,” Salam asserted.
