Reps Committee recovers N21.4bn from four oil companies

Reps Committee recovers N21.4bn from four oil companies

The House of Representatives claimed it has recovered an additional $14.2 million (N21.4 billion) from four oil and gas companies as part of its ongoing investigation into financial discrepancies in the sector being conducted by its Public Accounts Committee (PAC)

Rep. Akin Rotimi, Jr, the spokesperson for the House announced this in a statement on Sunday.

The Reps’ spokesperson recalled that the Committee had earlier announced recovery of ₦28.7 billion ($19.24 million) on March 16, 2025.

He said with the latest recovery, the total amount recovered so far by the Committee is now $33.44 million (₦50.1 billion).

Giving breakdown of the latest recoveries, Rotimi said Platform Petroleum Ltd paid $1.9 million (N2.9 billion) while Midwestern Oil and Gas Ltd doled out $1.578 million (N2.3 billion).

He added that $523,845 (N785.7 million) and $10.3 million (N15.5 billion) were recovered from Universal Energy and Aradel Energy Ltd respectively.

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Rotimi quoted the Chairman of the Committee, Rep. Bamidele Salam as crediting the successes recorded in the recovery of the funds to the unwavering support and leadership of the Speaker of the House, Abbas Tajudeen.

He noted that the Speaker’s firm commitment to legislative oversight and accountability has ensured that committees operate effectively, free from undue interference, and with a clear mandate to safeguard public resources.

“Under the leadership of Speaker Abbas, the House of Representatives has reinforced its commitment to fiscal transparency and good governance. The independence granted to committees like ours has enabled us to carry out our mandate diligently, ensuring that public funds are properly accounted for. This approach has been instrumental in our ability to recover these substantial sums, and we remain steadfast in our mission to strengthen financial accountability in Nigeria,” Rep. Salam stated.

In addition to the recovered funds, the Committee has issued a 20-day ultimatum for four companies to remit a total of $23.2 million (N34.8 billion). Failure to comply within the stipulated timeframe will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.

The companies and their required payments are as follows:

– Total Energies: $2 million within 7 days

– Seplat Energies (SPDC): $6.036 million and N1.5 billion within 7 days

– Aradel Energy Ltd: $12.1 million within 7 days

– Network Exploration: $3.1 million within 7 days

Rep. Salam emphasised the Committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations will face the full weight of legislative oversight.

The Committee also expressed concern over several companies that have disregarded invitations to appear before it. The following firms are now under heightened scrutiny and may face further actions if they continue to evade accountability:

– Frontier Oil and Gas

– Conoil Producing

– Walter Smith Petrochemical

– Bilton

– Energia Ltd

– Aiteo Petroleum Ltd

– Pillar Oil Ltdp

Reps Committee recovers N21.4bn from four oil companies