The House of Representatives Public Accounts Committee (PAC) has announced the recovery of an additional $14.2 million (N21.4 billion) from four oil and gas companies – Aradel Energy Ltd, Universal Energy, Midwestern Oil and Gas Ltd and Platform Petroleum Ltd.
The recoveries were announced in a statement by Rep. Akin Rotimi, Jr. House Spokesman, on Sunday, as part of the federal lawmakers’ ongoing investigation into “financial discrepancies” in the sector.
Recall that Nairametrics previously reported that the Committee’s investigation is based on findings from the 2021 Audit Report, focusing on 45 oil companies collectively owing Nigeria $1.7 billion in outstanding liabilities to the Federation.
This latest recovery follows an earlier announcement on March 16, 2025, by the House, of recoveries amounting to N28.7 billion ($19.24 million), from Seplat Production Development Limited and Chorus Energy Limited.
The latest statement stresses that the recent developments bring the total recoveries so far to $33.44 million (N50.1 billion).
Update on Latest Recoveries
According to the Committee, the breakdown of the latest recoveries is as follows:
- Platform Petroleum Ltd: $1.9 million (N2.9 billion)
- Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion)
- Universal Energy: $523,845 (N785.7 million)
- Aradel Energy Ltd: $10.3 million (N15.5 billion)
Speaking on the recoveries, the Chairman of the Committee, Rep. Bamidele Salam, credited the recoveries to lawmakers’ firm commitment to legislative oversight and accountability, adding it 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, according to the statement.
More Insights
Apart from the recovered funds, the Committee has issued a 20-day ultimatum for four companies to remit a total of $23.2 million (N34.8 billion).
- According to the statement, 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, as highlighted by the Committe,e are as follows:
– Total Energies: $2 million within 7 days
– Seplat Energies (SPDC): $6.036 million and N1.5 billion within 7 days
– Aradel Energy Ltd: $12.1 million within 7 days
– Network Exploration: $3.1 million within 7 days.
- The Committee vowed to enforce compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight.
The Committee equally expressed concern over several companies that have disregarded invitations to appear before it.
The statement says 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
- Pillar Oil Ltd
Additionally, First E & P Oil Company has been directed by the Committee to reconcile an alleged outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and appear before the Committee on April 16, 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 N10 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,” the statement reaffirmed.
Rotimi assured that further updates on the Committee’s findings and enforcement actions will be provided in due course.
