In a significant move, the House of Representatives’ Public Accounts Committee (PAC) has successfully retrieved an extra ₦11,488,761,099 from oil and gas companies that have outstanding obligations to the Federal Government. This latest recovery brings the total secured by the Committee to an impressive ₦61.5 billion.
The PAC’s vigorous recovery efforts are backed by insights from the Auditor-General’s reports and data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). These resources have guided ongoing discussions with oil firms, emphasizing the need for accountability regarding unremitted funds and pending liabilities.
Recent recoveries include notable amounts from various companies, such as:
– Platform Petroleum Ltd: $182,057.44 (₦291.29 million)
– Midwestern Oil and Gas: $730,889.37 (₦1.17 billion)
– Seplat Energies: ₦1.58 billion
– Aradel Holdings: $3.9 million (₦6.1 billion)
– Network Exploration & Production: $500,000 (₦775 million)
– Shoreline Resources Ltd: $1 million (₦1.55 billion)
The total recovery in this phase stands at ₦11,488,761,099.
Despite repeated invitations extended via public notices and official letters, several oil and gas companies have neglected to respond to the Committee’s summons. These non-compliant firms collectively owe over $384 million and ₦325.7 million to the Federal Government, with significant debts attributed to companies such as Neconde Energy Ltd ($110.5 million and ₦325.7 million) and Heirs Holdings ($137.7 million).
In a statement released by House Spokesperson Rep. Akin Rotimi, PAC Chairman Rep. Bamidele Salam expressed strong disapproval of the continued non-compliance by certain oil companies and issued a stern warning.
“This Committee will not tolerate any attempts by corporate entities to evade their responsibilities to the Nigerian populace. These companies are withholding billions of naira owed to the federal government, and we will not allow them to disregard the authority of Parliament. If these companies believe they are beyond accountability, they must realize that their licenses are at risk. We are ready to recommend the immediate revocation of licenses for any company that displays contempt towards this Committee and our national laws,” Salam stated.
He underscored the significance of fulfilling legal obligations to foster national development, asserting, “No company is above the law. The funds being withheld are vital for the country’s growth and must not be hoarded while Nigeria suffers. Every company operating in Nigeria must meet its obligations promptly, as mandated by law.”
The House of Representatives, empowered by Section 88 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), retains the authority to summon any individual or entity to provide evidence on matters concerning public funds, thereby ensuring accountability and adherence to national laws.
