The House of Representatives’ Public Accounts Committee has recovered a total of ₦28.7 billion ($19.24 million) from two oil companies indebted to the federl government.
The recoveries stem from an investigation being conducted by the House committee into the indebtedness of 45 oil companies, collectively owing $1.7 billion in outstanding liabilities, based on the the 2021 audit report of the office of the auditor general of the federation.
According to the committee’s report, Chorus Energy Limited settled its outstanding liability by paying $847,623 (₦1.2 billion) on March 11, while Seplat Production Development Limited fully discharged its obligation with a payment of $18.39 million (₦27.6 billion) between March 10 and March 14.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been provided with evidence of these payments for final verification, according to the spokesman of the House, Rep. Akin Rotimi (Jr), in a statement on Sunday.
Additionally, Shoreline Natural Resources Limited had made a $30 million payment towards its $100.28 million debt before the investigation began and has requested a structured repayment plan for the remaining balance.
The report also noted that Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing), now holds a credit balance for various payments, including $33.01 million for gas flare penalties, with no outstanding liabilities.
According to the statement, the House committee commended Seplat Energy for its prompt compliance, and reaffirmed its commitment to recovering debts from the remaining 38 oil companies under investigation.
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Several companies, including Amalgamated Oil Company Nigeria Limited, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company, have fully settled their obligations.
In a separate development, the House Public Accounts Committee has recovered ₦199.3 million from banks, as part of its investigation into revenue leakages and non-remittance of funds through the Remita platform.
The probe, which followed a 2024 House directive, revealed that excessive charges and unremitted Value Added Tax (VAT) on transactions processed via Remita between 2015 and 2022 amounted to ₦6.8 billion.
Findings showed that while ₦7.63 billion had been refunded, an outstanding sum of ₦1.98 billion remained unpaid.
With the prevailing monetary policy rate of 27.25 percent, the accumulated interest on the unpaid sum raised the total recoverable amount to ₦6.83 billion.
Following the committee’s intervention: Guaranty Trust Bank (GTB) paid ₦40.6 million in overdue charges for 2015 transactions; Zenith Bank remitted ₦126.1 million in outstanding VAT payments, and Guaranty Trust Bank also paid an additional ₦32.6 million in VAT liabilities.
Despite these recoveries, several financial institutions have yet to comply with VAT remittance requirements and other under-remittances flagged in the investigation.
Chairman of the House Public Accounts Committee, Rep. Bamidele Salam, emphasized the committee’s resolve to recover public funds and enhance financial accountability.
“These recoveries demonstrate the effectiveness of the National Assembly’s oversight function. We will continue to engage relevant institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages. Every kobo due to the federation must be accounted for and remitted accordingly,” he stated.
The House of Representatives, through its Public Accounts Committee, reiterated its commitment to ensuring transparency, financial discipline, and safeguarding public resources in the national interest.
