Hot Source– Says recoveries now exceed ₦50bn
Adedayo Akinwale in Abuja
The House of Representatives Public Accounts Committee (PAC) 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.
The Spokesperson of the House in a statement issued Saturday said the latest recovery follows an earlier announcement on March 16, 2025, of recoveries amounting to ₦28.7 billion ($19.24 million), bringing the total recovered so far to $33.44 million (₦50.1 billion).
He said: “The breakdown of the latest recoveries is as follows: Platform Petroleum Ltd: $1.9 million (N2.9 billion); Midwestern Oil and Gas Ltd: $1.578 million (N2.3 billion); Universal Energy: $523,845 (N785.7 million); Aradel Energy Ltd: $10.3 million (N15.5 billion).”
He quoted the Chairman of the Committee, Hon. Bamidele Salam, to have said that the successes recorded was due to the unwavering support and leadership of the Speaker, Hon. Abbas Tajudeen.
He noted: “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 said the Committee has issued a 20-day ultimatum to four companies to remit a total of $23.2 million (N34.8 billion).
According to him, failure to comply within the stipulated time frame will result in the enforcement of appropriate sanctions, including the public naming of defaulters in national newspapers.
Salam said 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 seven days; Aradel Energy Ltd: $12.1 million within seven days; Network Exploration: $3.1 million within seven days.”
He emphasised the Committee’s commitment to enforcing compliance, warning that companies that fail to meet their financial obligations would 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:
They are: Frontier Oil and Gas; Conoil Producing; Walter Smith Petrochemical; Bilton; Energia Ltd; Aiteo Petroleum Ltd and Pillar Oil Ltd.
The committee has also directed First E & P Oil Company 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, 2025, to finalize the matter.
The ongoing investigations are expected to uncover more discrepancies, with the Committee continuing its public hearings on the 2021 Auditor General’s report, which indicated that over ₦10 trillion in payments remain outstanding to the Federation Account from industry operators.
“The era of impunity and financial recklessness in the oil and gas sector is coming to an end. 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 reaffirmed.
