House committee recovers additional $14.2m from oil companies
Four oil companies operating in Nigeria have paid an additional $14.2 million into the Federation Account as part of an ongoing investigation led by the House of Representatives Public Accounts Committee.
This recovered sum is part of the ¦ 9 trillion flagged in the Auditor General’s report for the 2021 financial year, which the committee is currently scrutinising. The investigation aims to recover outstanding payments owed to the government by oil companies operating in the country.
House spokesperson Akintunde Rotimi revealed that the committee had previously recovered $19.24 million from oil firms. He also named the four companies responsible for the latest remittances: Platform Petroleum Ltd: $1.9 million; Midwestern Oil and Gas Ltd: $1.578 million; Universal Energy: $523,845; Aradel Energy Ltd: $10.3 million.
Rotimi quoted the committee’s chairman, Bamidele Salam (PDP, Osun), who attributed these successes to the steadfast support and leadership of Speaker Abbas Tajudeen. He praised the Speaker’s commitment to legislative oversight and accountability, which has ensured that committees operate without external interference and focus on protecting public resources.
He stated: “Under Speaker Abbas’s leadership, the House of Representatives has reaffirmed its commitment to financial transparency and responsible governance. The autonomy given to committees like ours has enabled us to carry out our duties effectively, ensuring that public funds are properly accounted for. This independence has been crucial in securing these recoveries, and we remain committed to strengthening financial accountability across Nigeria.”
In addition to the recovered funds, Rotimi announced that the committee has given a seven-day deadline for four other companies to remit a combined $23.2 million (¦ 34.8 billion) or risk facing strict sanctions, including public exposure in national newspapers.
The affected companies are: Total Energies: $2 million within seven days; Seplat Energies (SPDC): $6.036 million and ¦ 1.5 billion within seven days; Aradel Energy Ltd: $12.1 million within seven days; Network Exploration: $3.1 million within seven days.
The statement also quoted Salam, who reaffirmed the committee’s determination to enforce compliance, warning that any company failing to meet its financial obligations would face the full force of legislative scrutiny.
However, the committee expressed frustration over certain oil firms named in the Auditor General’s report that have repeatedly ignored invitations to appear before the panel. These companies—Frontier Oil and Gas, Conoil Producing, Walter Smith Petrochemical, Bilton, Energia Ltd, Aiteo Petroleum Ltd, and Pillar Oil Ltd—are now under closer scrutiny and could face further consequences if they continue to evade accountability.
Additionally, the committee has ordered First E & P Oil Company to reconcile an outstanding balance of $90 million with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and to appear before the committee on April 16, 2025, to resolve the matter.
Salam stated, “The actions of the Public Accounts Committee reflect the House of Representatives’ firm resolve to enforce transparency, accountability, and financial discipline within Nigeria’s oil and gas sector.
“Our ongoing investigations are expected to expose further discrepancies, as we continue public hearings on the 2021 Auditor General’s report, which shows that over ¦ 10 trillion in payments remain unremitted to the Federation Account by industry operators.”
He added, “The days of financial misconduct and impunity in the oil and gas sector are coming to an end. We are determined to recover every kobo owed to the Nigerian people and to ensure that public funds are handled with the highest level of integrity.”
