Reps recover N21.4bn owed to FG by four oil firms

The house of representatives public accounts committee (PAC) has recovered an additional $14.2 million (N21.4 billion) from four oil firms in its ongoing probe into financial discrepancies in the sector.

Akin Rotimi, house spokesperson, announced the latest recoveries in a statement on Sunday.

The recovered amounts include $1.9 million (N2.9 billion) from Platform Petroleum Ltd, $1.578 million (N2.3 billion) from Midwestern Oil and Gas Ltd, $523,845 (N785.7 million) from Universal Energy, and $10.3 million (N15.5 billion) from Aradel Energy Ltd.

The statement follows an earlier announcement on March 16 of recoveries amounting to $19.24 million (N28.8 billion), bringing the total recovered so far to $33.44 million (N50.1 billion).

Bamidele Salam, chairman of the PAC, attributed the success of the recoveries to the leadership of Abbas Tajudeen, speaker of the house.

“Under the leadership of Speaker Abbas, the house of representatives has reinforced its commitment to fiscal transparency and good governance,” he said.

“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.”

Salam warned that companies failing to meet their financial obligations would face the full weight of legislative oversight.

He added that several companies have ignored the committee’s invitations, including Frontier Oil and Gas, Conoil Producing, and Walter Smith Petrochemical, which are now under heightened scrutiny.

The chairman said Bilton, Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd may also face further action if they continue to evade accountability.

Additionally, Salam said First E&P Oil Company has been directed to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and is expected to appear before the committee on April 16 to resolve the issue.

‘COMPANIES MUST MEET DEADLINE OR FACE POSSIBLE SANCTIONS’

Salam said the PAC has given four companies a 20-day ultimatum to pay $23.2 million (N34.8 billion), warning of possible sanctions, including public naming in national newspapers, if they fail to comply.

The committee directed Total Energies to pay $2 million and instructed Seplat Energies (SPDC) to pay $6.04 million and N1.5 billion within the same timeframe.

Aradel Energy Ltd has been instructed to pay $12.1 million, while Network Exploration owes $3.1 million.

Salam said the committee’s work reflects the house of representatives’ commitment to transparency, accountability, and financial discipline in the oil and gas sector.

He added that ongoing investigations are expected to uncover more discrepancies, with public hearings continuing on the 2021 auditor general’s report, which indicates that over N10 trillion in payments remain outstanding to the federation account.

“The era of impunity and financial recklessness in the oil and gas sector is coming to an end,” Salam said.

“We are determined to recover every kobo owed to the Nigerian people and ensure that public funds are managed with the highest level of integrity.”

Salam added that further updates on the committee’s findings and enforcement actions will be provided in due course.