The Nigerian House of Representatives, through its Public Accounts Committee (PAC), has made a major breakthrough in recovering outstanding revenues, securing a staggering $19.24 million (approximately ₦28.7 billion) from two oil companies within a week.
This recovery is part of an ongoing investigation prompted by the 2021 Audit Report, which revealed that 45 oil companies collectively owe a staggering $1.7 billion in unpaid liabilities to the Federation Account.
According to official reports, Chorus Energy Limited settled its outstanding debt by paying $847,623 (₦1.2 billion) on March 11, 2025. Similarly, Seplat Production Development Limited fully cleared its obligation by remitting $18.39 million (₦27.6 billion) between March 10 and March 14, 2025.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed receipt of these payments and is conducting final verification. In addition, Shoreline Natural Resources Ltd. has already paid $30 million toward its $100.28 million debt and has requested a structured repayment plan for the remaining balance.
During the PAC’s latest session, Balarabe Haruna, a representative of NUPRC, provided new reconciliation data showing that Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 in crude oil royalty payments.
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Despite these recoveries, the Committee reaffirmed its resolve to recover every outstanding debt, warning the remaining 38 oil companies under investigation that it will deploy all constitutional measures to ensure full compliance.
Meanwhile, the following companies have fully settled their liabilities and are no longer financially indebted:
Amalgamated Oil Company Nigeria Ltd
Seplat Energy
Shell Exploration and Production
Shell Petroleum Development Company
With billions still at stake, the House of Representatives has vowed to intensify efforts in ensuring that every kobo owed to the Nigerian government is recovered.