$456.95m unremitted funds: Reps committee threatens to sanction 13 oil firms

$456.95m unremitted funds: Reps committee threatens to sanction 13 oil firms

The House of Representatives Public Accounts Committee (PAC) has issued a stern warning to 13 oil companies over their refusal to appear before it in an ongoing investigation into the non-remittance of funds owed to the Federal Government.

According to a statement released by committee spokesperson Akin Rotimi on Wednesday, the companies are alleged to have withheld a staggering $456.95 million (approximately ₦731.12 billion) in revenues that should have been remitted to the national treasury.

Despite several invitations and public notices published in national dailies, the companies have reportedly continued to ignore the summons, prompting lawmakers to consider invoking constitutional sanctions.

“The Committee is disappointed by the repeated absence of these companies. Their refusal to appear before the Public Accounts Committee constitutes a direct affront to the oversight powers of the National Assembly,” the statement read.

According to the statement, the companies include Conoil Producing Ltd ($5m), Continental Oil & Gas Ltd ($57m), ⁠Energia Ltd ($19.5m), Frontier OML 13 ($952,216.51) and Millennium Oil & Gas Ltd ($2.07m).

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Others are Neconde Energy Ltd ($326m), Pillar Oil Ltd ($4.6m), Waltersmith OML 16 ($8.7m), Aiteo Ltd ($34.8m), Bilton ($5m), Heirs Holdings ($137.7m), General Hydrocarbon Ltd ($22.5m) and Eroton ($34.5m).

“The Committee has scheduled the aforementioned companies to appear without fail on Wednesday, July 2, and Thursday, July 3, 2025,” the statement stressed.

PAC has also requested some oil companies to reappear before it in connection with alleged outstanding liabilities totalling $125.5m.

They are OML 18 ($15.2m), Shoreline ($70m), Network Exploration ($2.6m), Aradel ($8.2m), Newcross Exploration ($25m) and Ocean ($4.5m).

The statement further quoted the Chairman of the Committee, Bamidele Salam, as saying, “Recalcitrant companies will face the constitutional consequences of their refusal to cooperate. We are fully committed to enforcing accountability and recovering all funds owed to the Nigerian people.”

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The warning comes as the Committee announced the recovery of an additional $15.7m (approximately ₦25bn) from several oil companies, raising the total recovered amount to ₦86.5bn.

This follows a comprehensive review of the Auditor-General’s Annual Report on the Consolidated Financial Statements for the year ended December 31, 2021.

“The Committee’s investigations revealed that oil and gas companies owe the Federation Account approximately ₦9.4 trillion as of Q4 2024, stemming from unpaid oil royalties, concession rentals, gas flare penalties, and other contractual obligations under Production Sharing Contracts (PSCs), Repayment Agreements, and Modified Carry Arrangements.

“Latest recoveries amounting to $15.7m (approximately ₦25bn) include TotalEnergies ($2m), ⁠Shoreline Natural Resources ($10m), ⁠OML 18 Resources ($3,474,123) and ⁠Enageed Resource Ltd. ($280,000)

“These funds have been remitted directly into the Federation Account and are considered a critical step in reinforcing fiscal responsibility within Nigeria’s extractive sector,” the statement further read.

 

$456.95m unremitted funds: Reps committee threatens to sanction 13 oil firms