The House of Representatives, through its Committee on Public Accounts, has launched an investigative hearing to probe outstanding debts owed by oil companies.
According to the committee, these debts amounting to approximately ₦9.4 trillion as of the last quarter of 2024, include unpaid royalties, concession rentals, gas flare penalties, and obligations from production sharing contracts, repayment agreements, and modified carry arrangements.
Despite the Petroleum Industry Act, mandating the settlement of such liabilities within 30 days, many of these debts have reportedly remained unpaid since 2021.
In a statement, the House Committee on Public Accounts, chaired by Rep. Bamidele Salam, invited the affected oil companies to appear before the committee at the National Assembly Complex in Abuja.
The hearings will take place from Monday, March 3, to Friday, March 7, 2025.
A list of the invited companies, include major players such as Chevron Nigeria Limited, Shell Nigeria Exploration and Production Company, Total E&P Nigeria, Seplat Energy, Oando Oil Limited, and Mobil Producing Nigeria Unlimited, among others.
Each company must be represented by its chief executive officer, and relevant officials, the House committee said.
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The committee warned that failure to appear would lead to further action against defaulting companies.
Rep. Salam emphasized the need for oil companies to fulfill their statutory obligations.
“Oil companies must fulfill their statutory obligations to maintain the integrity, and accountability of our nation’s resources.
“We welcome a collaborative approach with all stakeholders, as we work together to address these discrepancies in an effective and efficient manner,” he added.
The House of Representatives committee, reaffirmed its commitment to transparency, and accountability, urging compliance from all the invited oil companies.
