Seven major oil and gas companies in Nigeria have committed to remitting a total of $37.4 million (approximately ₦58 billion) to the Federation Account before August 2025.
This follows an ongoing investigation by the House of Representatives’ Public Accounts Committee into unpaid royalties and financial discrepancies in the sector.
According to a statement released by the House Spokesman, Rep. Akin Rotimi Jr., on Sunday, the investigation uncovered significant lapses in royalty payments flagged by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The companies that have agreed to settle their outstanding debts include Belema Oil, Panocean Oil Nigeria Ltd, Newcross Exploration & Production Ltd, Dubri Oil Company Ltd, Chorus Energy, Amni International, and Network Exploration.
The pledged repayment is part of a broader ₦9 trillion liability identified in the Auditor General’s 2021 report. The Committee’s investigation further revealed that, beyond these seven companies, 45 oil and gas firms owe a staggering $1.7 billion (₦2.5 trillion) in unpaid royalties as of December 31, 2024.
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Nine companies with a combined debt of $429.2 million have contested the figures presented by NUPRC and requested a reconciliation process. Among them are major industry players like Chevron, Seplat Producing Unlimited, Esso Erha, and Aradel/Niger Delta. The Committee has directed that the reconciliation be completed within two weeks, after which companies must settle any confirmed outstanding amounts without further delay.
More concerning, however, is the fact that 28 oil and gas companies, collectively owing over $1.2 billion, have failed to appear before the Committee or provide documentation regarding their outstanding payments. These companies include Addax Petroleum, AITEO Group, Total E&P Nigeria, Waltersmith Petroman, and Oando Oil Ltd, among others. The House has given them a final one-week grace period to comply, warning that failure to do so will attract “firm legislative and regulatory sanctions.”
Amid the widespread debt crisis in the sector, only two companies—Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration & Production—were found to have fully met their royalty obligations.
The House of Representatives emphasized that all oil and gas companies benefiting from Nigeria’s natural resources must fulfill their statutory financial obligations. The Public Accounts Committee reaffirmed its commitment to enforcing compliance and plugging revenue leakages to support national development.
