High-Stakes Oil Probe: Reps Squeeze N86m from Firms in $457m Scandal

The House of Representatives Public Accounts Committee, on Wednesday, warned 13 non-compliant oil companies to appear before it to answer questions in the ongoing probe of non-remittance of money due to the Federal Government, or face sanctions.

The companies allegedly owe the Federal Government about $456.95m (N731.12bn) in unremitted revenues.

In a statement issued by its spokesman, Mr Akin Rotimi, the House noted that despite repeated invitations and public notices through national newspapers, the companies failed to appear before the committee.

He said the development prompted the committee to consider punitive actions, in line with legislative and constitutional provisions.

According to the statement, the companies include Conoil Producing Ltd ($5m), Continental Oil & Gas Ltd ($57m), Energia Ltd ($19.5m), Frontier OML 13 ($952,216.51) and Millennium Oil & Gas Ltd ($2.07m).

Others are Neconde Energy Ltd ($326m), Pillar Oil Ltd ($4.6m), Waltersmith OML 16 ($8.7m), Aiteo Ltd ($34.8m), Bilton ($5m), Heirs Holdings ($137.7m), General Hydrocarbon Ltd ($22.5m) and Eroton ($34.5m).

“The committee has scheduled the aforementioned companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025,” the statement stressed.

The committee also requested some oil companies to reappear before it in connection with alleged outstanding liabilities totalling $125.5m

They are OML 18 ($15.2m), Shoreline ($70m), Network Exploration ($2.6m), Aradel ($8.2m), Newcross Exploration ($25m) and Ocean ($4.5m).

The statement further quoted the chairman of the committee, Bamidele Salam as saying, “Recalcitrant companies will face the constitutional consequences of their refusal to cooperate.

“We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people.”

The warning comes as the committee announced the recovery of an additional $15.7m (approximately N25bn) from several oil companies, raising the total recovered amount to N86.5bn.

This follows a comprehensive review of the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ended December 31, 2021.

“The committee’s investigations revealed that oil and gas companies owe the Federation Account approximately N9.4tn as of Q4 2024, stemming from unpaid oil royalties, concession rentals, gas flare penalties, and other contractual obligations under Production Sharing Contracts  Repayment Agreements, and Modified Carry Arrangements.

“Latest recoveries amounting to $15.7m (approximately N25bn) include TotalEnergies ($2m), ⁠Shoreline Natural Resources ($10m), ⁠OML 18 Resources ($3,474,123) and ⁠Enageed Resource Ltd. ($280,000)

“These funds have been remitted directly into the Federation Account and are considered a critical step in reinforcing fiscal responsibility within Nigeria’s extractive sector,” the statement read.

Credit: The Punch