Reps recover additional $14m from oil companies

The House of Representatives on Sunday confirmed the recovery of an additional sum of $14.2 million (₦21.4 billion) from four oil and gas companies as part of the successes recorded during the ongoing investigation into financial discrepancies in the sector.

This latest recovery by the House Committee on Public Accounts, chaired by Rep. Bamidele Salam, follows an earlier announcement on 16 March 2025 of recoveries amounting to ₦28.7 billion ($19.24 million), bringing the total recovered so far to $33.44 million (₦50.1 billion).

According to the House Spokesman, Rep. Akin Rotimi, the breakdown of the latest recoveries is as follows: Platform Petroleum Ltd: $1.9 million (₦2.9 billion); Midwestern Oil and Gas Ltd: $1.578 million (₦2.3 billion); Universal Energy: $523,845 (₦785.7 million); and Aradel Energy Ltd: $10.3 million (₦15.5 billion).

Speaking on the recoveries, Rep. Salam credited the successes recorded to the unwavering support and leadership of Speaker Abbas Tajudeen.

He noted that the Speaker’s firm commitment to legislative oversight and accountability has ensured that committees operate effectively, free from undue interference, and with a clear mandate to safeguard public resources.

“Under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance. The independence granted to committees like ours has enabled us to carry out our mandate diligently, ensuring that public funds are properly accounted for.

“This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” Rep. Salam stated.

In addition to the recovered funds, the Committee has issued a 20-day ultimatum for four companies to remit a total of $23.2 million (₦34.8 billion). Failure to comply within the stipulated timeframe will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.

The companies and their required payments are as follows: Total Energies: $2 million within 7 days; Seplat Energies (SPDC): $6.036 million and ₦1.5 billion within 7 days; Aradel Energy Ltd: $12.1 million within 7 days; and Network Exploration: $3.1 million within 7 days.

Rep. Salam emphasised the Committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight.

The Committee also expressed concern over several companies that have disregarded invitations to appear before it.

The following firms are now under heightened scrutiny and may face further actions if they continue to evade accountability: Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd.

Additionally, First E & P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is expected to appear before the Committee on 16 April 2025 to finalise the matter.

The actions of the Public Accounts Committee reflect the House of Representatives’ increasing resolve to ensure transparency, accountability, and financial discipline in the Nigerian oil and gas sector.

Ongoing investigations are expected to uncover more discrepancies, with the Committee continuing its public hearings on the 2021 Auditor General’s report, which indicated that over ₦10 trillion in payments remain outstanding to the Federation Account from industry operators.

“The era of impunity and financial recklessness in the oil and gas sector is coming to an end. 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,” Rep. Salam reaffirmed.

Further updates on the Committee’s findings and enforcement actions will be provided in due course.

ALSO READ FROM NIGERIAN TRIBUNE