The House of Representatives has successfully secured a commitment from seven oil companies to remit a total of $37,435,094.52 (approximately N58 billion) to the Federation Account before August 2025. This move follows an ongoing investigation by the Public Accounts Committee, which examined the financial records of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The companies involved in the agreement are Belema Oil, Panocean Oil Nigeria Ltd, Newcross Exploration & Production Ltd, Dubri Oil Company Ltd, Chorus Energy, Amni International, and Network Exploration.
According to a statement from House spokesperson, Hon. Akin Rotimi, the commitment was made after the committee identified substantial lapses in royalty payments and reconciliation processes within the sector. These lapses were highlighted during the investigation of the financial records from the NUPRC.
The pledged repayment is part of a much larger outstanding liability of N9 trillion flagged by the Auditor General for the Federation in the 2021 report submitted to the National Assembly. Rotimi explained that some of these debts have accumulated over a period of four years, underscoring the long-standing issue of revenue leakages in the oil and gas sector.
Beyond these seven companies, the investigation revealed that 45 oil and gas companies owe $1.7 billion (approximately N2.5 trillion) in unpaid royalties as of December 31, 2024. Additionally, nine companies with a combined debt of $429.2 million have disputed the figures and requested a reconciliation process with NUPRC to verify their liabilities.
The companies seeking reconciliation include Aradel/Niger Delta, Chevron, Star Deep, Shore Line, Seplat Producing Unlimited, Esso Erha, Esso Usan, Eroton Exploration, and Seplat Energy.
Hon. Rotimi stated that the committee has directed that the reconciliation process be concluded within two weeks. Afterward, companies will be expected to settle their verified debts without any further delay.
