The House of Representatives Public Accounts Committee (PAC) has recovered $19.2 million (N28.7 billion) from two oil companies owing the Federation Account.
The recovery was made through the Committee on Public Accounts, chaired by Bamidele Salam (PDP-Osun) following an investigative hearing on the 2021 Audit Report which focuses on 45 oil firms with a combined $1.7 billion in outstanding liabilities.
According to a statement issued by the House spokesman, Akin Rotimi, “Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (N1.2bn) on March 11, 2025, while Seplat Production Development Limited fully discharged its obligation by remitting $18.39m (N27.6bn) between March 10 and March 14, 2025. Additionally, “Shoreline Natural Resources Ltd had made a $30m payment towards its $100.28m debt before the investigation commenced and has requested a structured repayment plan for the outstanding balance.
The statement stated that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had been furnished with evidence of these payments for final verification.
During the committee’s proceedings, a representative of the NUPRC, Balarabe Haruna, reported that “Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01m for gas flare penalties, and $163,046.40 for concession rentals, with no outstanding liabilities.”
The committee commended Seplat Energy for promptly fulfilling its financial obligations. Additionally, it reaffirmed its dedication to utilizing all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation.
According to the statement, Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company have all settled their financial obligations.
The statement further confirmed that Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company have all fulfilled their financial obligations.
In a related development, the committee has successfully recovered N 199.3 million from an outstanding N6.8 billion, which includes excessive charges applied between March and October 2015, as well as unremitted Value Added Tax on transactions processed through the Remita platform from 2015 to 2022.
This follows a 2024 directive from the House of Representatives, mandating the committee to investigate revenue leakages and non-remittance of funds by Ministries, Departments, and Agencies through Remita. The directive stemmed from a motion sponsored by House member Jeremiah Umaru, which was later referred to the committee for further action.
An audit of bank and Remita records revealed that while N7.62 billion had been refunded, an outstanding N1.98 billion remained unpaid. With the prevailing Monetary Policy Rate of 27.25 percent applied, the accumulated interest on the unpaid sum stands at N4.84 billion, bringing the total refundable amount to N6.83 billion.
The Bamidele-led committee confirmed that on March 13, 2025, Guaranty Trust Bank cleared N40.6 million in overdue charges between March and October 2015. Further investigations revealed an unsettled VAT liability of N521.77 million on Remita transactions between November 2018 and April 2024.
Following the committee’s intervention, Zenith Bank remitted N126.13 million, while Guaranty Trust Bank paid N32.59 million. Committee member Mr. Salam emphasized the National Assembly’s commitment to accountability, vowing to use all legislative me
