Reps recover N28.99bn owed to FG by banks, oil firms

The house of representatives, through its public accounts committee (PAC), has recovered $19,241,109.35 (approximately N28.8 billion) from two oil companies indebted to the federation government.

In a statement on Sunday, Akin Rotimi, spokesperson of the house, described the recovery as a major breakthrough in the ongoing efforts to recover outstanding revenues accruing to the federation account.

Rotimi said the committee’s investigation, which is based on findings from the 2021 audit report, focuses on 45 oil companies collectively owing $1.7 billion in outstanding liabilities to the federation.

Citing the report, he said Chorus Energy Limited settled its outstanding liability with a payment of $847,623 (N1.2 billion) on March 11, 2025, while Seplat Production Development Limited fully discharged its obligation by remitting $18.39 million (N27.6 billion) between March 10 and March 14, 2025.

“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been furnished with evidence of these payments for final verification,” Rotimi said.

“Additionally, Shoreline Natural Resources Ltd. had made a $30 million payment towards its $100.28 million debt before the investigation commenced and has requested a structured repayment plan for the outstanding balance.”

The lawmaker said during the committee’s proceedings, Balarabe Haruna, a representative of the NUPRC, reported that following recent reconciliations, Seplat Energy Producing Nigeria Unlimited (formerly Mobil Producing) now holds a credit balance of $211,911.09 for crude oil royalty, $33.01 million for gas flare penalties, and $163,046.4 for concession rentals, with no outstanding liabilities.

He said the committee commended Seplat Energy for its prompt compliance with its financial obligations.

“Furthermore, the Committee reaffirmed its commitment to deploying all constitutionally sanctioned measures to recover outstanding debts from the remaining 38 oil companies under investigation,” he added.

Rotimi said the report said four companies have fully settled their obligations and are no longer financially liable.

The companies include Amalgamated Oil Company Nigeria Ltd, Seplat Energy, Shell Exploration and Production, and Shell Petroleum Development Company.

REPS RECOVER N199.3M FROM GTB, ZENITH BANK

In a separate development, Rotimi said the house committee on public accounts successfully recovered N199.3 million out of an outstanding N6.8 billion, comprising excessive charges levied between March and October 2015 and unremitted value-added tax (VAT) on transactions processed through the Remita platform from 2015 to 2022.

He said the house of representatives had, in 2024, mandated the committee to investigate revenue leakages and non-remittance of funds by ministries, departments, and agencies (MDAs) through Remita.

According to the lawmaker, the directive followed a motion sponsored by Jeremiah Umaru, a member of the house, which was subsequently referred to the committee.

Rotimi said the federal government had previously directed value-chain providers, including banks, Remita, and the Central Bank of Nigeria (CBN), to refund 1 percent of transaction charges collected through Remita between March and October 2015.

He said an audit of records from banks and Remita revealed that while N7,626,503,441.42 had been refunded, an outstanding sum of N1,984,355,431.08 remains unpaid.

“Applying the prevailing Monetary Policy Rate (MPR) of 27.25 percent, the accumulated interest on the unpaid sum amounts to N4,842,928,161.36, bringing the total refundable amount to N6,827,283,592.44,” the report said.

“The committee confirmed that on March 13, 2025, Guaranty Trust Bank (GTB) settled N40.6 million in overdue charges for the period between March and October 2015.

“Further investigations uncovered non-remittance of VAT on transactions processed via Remita. The CBN acknowledged an outstanding VAT liability of N521,765,134.17 for transactions between November 2018 and April 2024, which remains unsettled.”

He said following the committee’s intervention, Zenith Bank remitted N126,131,692.86 while GTB paid N32,585,882.48.

Rotimi said despite these recoveries, several other value-chain providers are yet to comply with VAT remittance requirements and other under-remittances identified in the investigation.

‘WE’LL DEPLOY ALL LEGISLATIVE TOOLS TO RECOVER OUTSTANDING DEBTS’

Bamidele Salam, chairman of the house public accounts committee, reaffirmed the panel’s resolve to pursue every avenue to recover public funds.

“These recoveries demonstrate the effectiveness of the oversight function of the National Assembly in ensuring accountability and transparency in the management of public funds,” Salam said.

“We will continue to engage with relevant institutions and deploy all necessary legislative tools to recover outstanding debts and prevent revenue leakages. Our objective is to ensure that every kobo due to the federation is accounted for and remitted accordingly.”

Rotimi said the green chamber, through the public accounts committee, remains committed to upholding financial discipline, strengthening institutional accountability, and safeguarding public resources in the nation’s interest.