The House of Representatives Public Accounts Committee has issued a stern ultimatum to 13 oil companies over their failure to remit a total of $456.95 million (N731.12 billion) owed to the Federal Government, warning that continued non-compliance will attract sanctions.
The warning was issued on Wednesday following what the committee described as repeated refusals by the companies to honour invitations to appear before the panel probing unremitted oil revenues. Despite multiple summons and public notices published in national newspapers, the firms allegedly ignored all requests to appear.
In a statement by the committee’s spokesman, Hon. Akin Rotimi, the House said it was considering punitive measures in line with constitutional and legislative provisions to compel compliance.
The affected companies and the amounts they reportedly owe are:
- Conoil Producing Ltd – $5 million
- Continental Oil & Gas Ltd – $57 million
- Energia Ltd – $19.5 million
- Frontier OML 13 – $952,216.51
- Millennium Oil & Gas Ltd – $2.07 million
- Neconde Energy Ltd – $326 million
- Pillar Oil Ltd – $4.6 million
- Waltersmith OML 16 – $8.7 million
- Aiteo Ltd – $34.8 million
- Bilton – $5 million
- Heirs Holdings – $137.7 million
- General Hydrocarbon Ltd – $22.5 million
- Eroton – $34.5 million
The committee has now summoned the companies to appear on Wednesday, July 2 and Thursday, July 3, 2025, warning that failure to comply will result in constitutional sanctions.
In addition, the committee has directed six other oil companies to reappear before it in connection with outstanding liabilities amounting to $125.5 million. These are:
- OML 18 – $15.2 million
- Shoreline – $70 million
- Network Exploration – $2.6 million
- Aradel – $8.2 million
- Newcross Exploration – $25 million
- Ocean – $4.5 million
Chairman of the committee, Hon. Bamidele Salam, reaffirmed the panel’s commitment to enforcing accountability and ensuring that all funds due to the Federation Account are recovered.
“Recalcitrant companies will face the constitutional consequences of their refusal to cooperate,” Salam warned. “We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people.”
The announcement comes as the committee confirmed the recovery of an additional $15.7 million (approximately N25 billion) from several oil companies, bringing the total recovered sum to N86.5 billion.
According to findings from the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ended December 31, 2021, oil and gas companies owe the Federation Account an estimated N9.4 trillion as of the fourth quarter of 2024. These debts arise from unpaid oil royalties, concession rentals, gas flare penalties, and other obligations under Production Sharing Contracts, Repayment Agreements, and Modified Carry Arrangements.
