Reps recover additional N11.49bn from oil companies

…As total recovery hits N61.5bn

The House of Representatives’ Public Accounts Committee (PAC) has ramped up its recovery efforts, announcing the retrieval of an additional N11,488,761,099 from oil and gas companies with outstanding obligations to the Federal Government.

According to a statement issued by the Chairman of the House Committee on Media and Public Affairs, Rep. Akin Rotimi, the “new tranche brings the total recovery secured by the Committee to N61.5 billion.

“The Committee’s intensified efforts are anchored on findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“These have informed sustained engagements with oil firms to ensure accountability for unremitted funds and outstanding liabilities.”

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According to the record provided by the Committee, of the total sum of N11,488,761,099 recovered in this phase: Platform Petroleum Ltd remitted $182,057.44 (N291.29 million); Midwestern Oil and Gas remitted $730,889.37 (N1.17 billion); while Seplat Energies remitted N1.58 billion.

In the same vein, Aradel Holdings remitted $3.9 million (N6.1 billion); Network Exploration & Production remitted $500,000 (N775 million); while Shoreline Resources Ltd remitted $1 million (N1.55 billion) into the government’s coffers.

He, however, noted that: “Despite multiple invitations issued through public notices and official correspondence, several oil and gas companies have failed to appear before the Committee.

“These defaulting firms collectively owe over $384 million and N325.7 million to the Federal Government: Neconde Energy Ltd – $110.5 million and N325.7 million; Heirs Holdings – $137.7 million; AITEO Ltd – $34.8 million; Continental Oil & Gas Ltd – $31 million; and General Hydrocarbon – $28.4 million.

Others are: Energia Ltd – $19.5 million; Waltersmith OML 16 – $8.7 million; Bilton – $5 million; Pillar Oil Ltd – $4.6 million; Millennium Oil and Gas Ltd – $2.067 million; Conoil Producing Ltd – $1.1 million; and Frontier OML 13 – $952,216.51.”

While reacting to the recalcitrant attitude of the oil firms that ignored the summons of the House Committee on Public Accounts, Rep. Bamidele Salam condemned the continued non-compliance by certain oil companies and issued a firm warning:

He said: “This Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people.

“These companies are withholding billions of naira owed to the Federal Government, and we will not allow them to disregard the authority of Parliament.

“If these companies believe they are too big to be held accountable, they must understand that their licenses are at risk.

“We are prepared to recommend immediate revocation for any company that shows contempt for this Committee and the laws of the nation.”

Rep. Salam further emphasised the importance of fulfilling legal obligations to ensure national development:

“No company is above the law. The funds being withheld are critical to the country’s growth and must not be hoarded while Nigeria suffers. Every company operating in Nigeria must settle its obligations promptly, as required by law.

“The House of Representatives, under the powers granted by Section 88 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), is empowered to summon any individual or entity to provide evidence on matters relating to public funds, ensuring accountability and compliance with our national laws.”

 

NIGERIAN TRIBUNE

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